The Russian stock market: a brief pause in growth will not prevent
Major world stocks ended Thursday mixed. The Russian market declined, ending the rally of the previous days. At the end of the day the ruble Mosberg index has lost 1,05%, dollar-denominated RTS index on the background correction of the ruble against the dollar fell more, by 1.37%. Among leaders of decrease – “Polymetal” (-3,39%) and Gazprom (-2,97%). The Dow 30 slipped while on 0,05%. On the morning of Friday the indexes of the Pacific rim countries moved in different directions, Australia and Japan grew, and Shanghai and Hong Kong declined.
Futures on the S&P 500 index was trading in the morning, around 2896 p., 0.13% above the level of the previous day’s close. Controversial external background does not give clear guidance before the opening of the Russian stock market, which will begin trading neutral. Likely day the corridor index Mosberg is in the range of values 2525-2575 points, RTS index — 1235-1260 points. Today operating results for the first quarter will be published “Severstal”.
After the stock market Thursday fell and the ruble. At the end of the day on Masuria dollar with calculations “tomorrow” rose to 64,6100 RUB (+31,75 COP.), and the European currency has grown to RUB 72,7275 (+24,75 COP.). Morning recovery of oil prices may lead to resumption of the strengthening of the ruble. The expected daily range for the dollar amounts of 64.0-65.3 per RUB, for the European currency — 72,0-73,5 RUB.
On Friday, oil prices returned to growth and even a little, a few cents, has updated a local maximum, achieved on Wednesday. Trading on Friday started at $70, 7 per barrel of Brent crude and in the evening exceeded the level of $71,5, although by the end of trading a little corrected to $71,1. Formal correction of the prices was promoted by the Baker Hughes report that showed an increase in the number of active oil platforms in the U.S. for the week by two units, to 833 units.
On the morning of Monday the price of oil fell slightly to levels Friday evening, to $71.0 per per barrel. Likely daily range for today’s trading, Brent crude is $70,3 of 71.7 per barrel. The medium range which is defined by the closest significant levels of support and resistance after the “puncture” resistance at $71,5 has expanded to $65,9-77,9. ______________
Senior analyst at information-analytical center “Alpari”