The Russian stock market loses its enthusiasm

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On Friday, the Russian stock market opened with modest growth and is trying to develop upside momentum, but the movement is limited. On the one hand, some pressure on the indices having the extension of the sanctions list by the US state Department, while support is provided consistently favorable external background. Afternoon index Mosberg and RTS increase in the range of 0.5%. The ruble was trading virtually unchanged, slightly strengthened against the dollar. Brent won back yesterday’s losses and returns to around 79.
In the financial sector, there is moderate optimism on the background of restrained behavior of the Russian currency. Shares of Sberbank are getting more expensive by 0.5%, VTB – on 0,35%.Quotes “Mechel” has moved from growth to decline, losing about 2% on profit taking after the rally the rise in the price of coal. Papers “Rosneft” increased by 0.3%, shares of “Gazprom” to rise more steadily, at 1.2%. The companies of Oleg Deripaska suggested anticyclonic preferences. In particular, we are talking about Russian machines and GAZ group, which can receive preferential treatment when participating in public procurement for the support during the sanctions. Meanwhile, RUSAL shares strengthened by almost 2.5%.
The return of oil quotations growth also supports domestic assets that attempt to refrain from drawdown after yesterday’s correction. However, the recent rally and record highs on the index of Masuri suggest taking profits if you experience any of the negative driver. This is especially true before the onset of the weekend, during which there will be a meeting of OPEC members+ in Algeria.
Igor Kovalyov,
InstaForex companies group