The ruble was supported by the Russian stock market

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The Russian stock market held today in negative territory amid weakness in the oil and obscure the dynamics of the world indices. At the end of trading the index Mosberg declined by 0.56% to 2390 points. RTS index – on 0,67%, to 1,149 points, which is entirely attributable to the strengthening of the ruble.
Amid the pullback in prices of Brent to $80,5 per barrel in the outsiders were the shares of oil companies – “Gazprom” (1.6 million%), LUKOIL (-1%). The General picture behind only shares of “Gazprom-oil”, continuing the rise on expectations of increasing dividends. Over the month they increased by 23%, next goal is 400 RUB per share.
NLMK (-2%) published is not the strongest operating results for the third quarter – sales of steel products increased by 4.2% yoy to 4.4 million tons, while production remained at last year’s level. It’s a bit disappointed investors and dragged down shares of all sector of ferrous metallurgy Severstal, MMK, NLMK. At the same time, reporting is estimated to be in line with expectations – production of gold in the third quarter fell by 4% yoy, to 356 thousand ounces and silver production decreased by 10% to 6.7 million ounces.
The production in Kyzyl reaching design capacity and production plan for 2018 left at the current level. Against the background of rising gold prices in the securities of the gold miners now, keen interest, so today’s rise Polymetal seems logical. Tomorrow’s operating statements for the third quarter will be published – expect strong results.
We expect that in coming days the demand for the depreciating Russian shares back on the market. The actual range for the index Mosuri for tomorrow is 2380-2400 points, RTS index – 1145-1160 points. Tomorrow the dollar will be traded in the corridor 65-66 rubles, and euros – at 75,5-76,5 RUB.
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Roman Tkachuk,
Senior analyst,
Alpari