The Russian stock market can go in the negative

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On Thursday Russian stocks are traded with an upward bias, not daring to development of bullish momentum. On the one hand, the favorable external background has to buy, with another – the lack of continued growth in oil prices restrains the manifestation of optimism in the domestic markets. Afternoon Mosberg index rises by 0.28% and the RTS increased in the range of 0.4%, virtually unchanged after rising at the opening session. The ruble slightly inferior to foreign currencies and Brent oil is trading flat at 75,60.
Better the market looked papers “Russian grids”, which rose in price almost on 4%, quotations of “Tape” also rise by more than 3.5%. Shares of Polyus grow by 2%. The company plans to launch production at the Deposit Sukhoi Log in 2026. Pre-power is planned at the level of 30 million tonnes of ore per year. The investment decision and the commencement of expenditure under the capital cost of construction is scheduled for 2020-2021.
Papers “Tatneft” have traded with an increase of 0.5% after releasing production results, which reflected a further reduction of oil production. Shares of Vozrozhdenie Bank jumped 10% after the statements of the head of the Central Bank Elvira Nabiullina at the International financial Congress that the Central Bank has no objection to the action “the Renaissance” bought credit institutions, in particular, VTB, which shows interest in the securities of the Bank.
While external background remains positive, downside risks to the domestic indices are limited. However, interest in higher-yielding assets, including global stocks, might fade away ahead of the summit “Big seven”, which starts tomorrow and can be very challenging and stressful because of the current situation in the world. So towards the end of the week the Russian market can leave in negative territory.
Igor Kovalyov,
InstaForex companies group