The Russian stock market supported a slight podem oil

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On Monday, the main Russian stock indices Mosberg (+0.46%) and RTS (+0.39%) ended with a moderate growth relative to the levels of the previous close. The local stock market opened higher despite a morning deterioration of an external background. In the second half of the day in favor of Russian stock market bulls played some rise in oil prices.
In General, we observed the continuation of the correction increasing index Mosberg and RTS after the fall, held in mid-July. Buying in domestic shares were not of an aggressive nature. However, the stabilization of the market near the current level after the season dividend cut can be interpreted as a very positive scenario.
Yesterday did not bring significant foreign news. Iran continues to demonstrate the willingness of the phasing out of restrictions stipulated in the nuclear deal. United Kingdom no response from the EU about new terms Brexit. However, the most significant event of the week promises to be a possible lowering interest rates the fed. This decision was not taken for over 10 years. The results of the July meeting of the Federal open market Committee of the fed will be known on Wednesday evening.
At the close of formal trading session September futures on the RTS index (RIU9) went into a state of contango with a magnitude of 6.2 points, or about 0.5% relative to the reference indicator. Futures market participants improved the rating of the medium-term prospects of the RTS index.
Against the background of moderate growth index Mosberg held at the end of the day, the most liquid stocks ended mostly higher in the range of 1-3% relative to the levels of the previous close.
The clear leader of growth among blue chips were the papers of Surgutneftegaz-Pref (SNGSP RM, +3.26%). They planned medium-term upside reversal after a meeting held in mid-month dividend of rupture and subsequent inertia of the fall. These shares are expected found support at the approaches to long-term strong support level is located around 30 RUB Current price looks attractive to buy with the expectation of a high dividend in one future year. Recall that the level of dividend payouts strongly depends on the change rate of the ruble in connection with an oil company major savings denominated in foreign currency.
Shares of Gazprom (GAZP RM, +1.07%) today managed to close its annual dividend gap. They took just 9 trading days. These papers look strong, despite the recent deployment of 2.9% quasicanonical shares of the gas monopoly at a price of 200.5 RUB, which is 15% lower than the price of yesterday’s closing. However, the shares were sold “in one hand”. Meanwhile, the proportion of shares of “Gazprom” in free circulation formally rose to 46.02%, which is an incentive for the inflow of funds into these securities from index funds.
Shares in Uralkali (URKA RM, +5.86%) continued the recent strong movement. Yesterday an incentive for buying them was the publication of semi-annual financial statements of the Issuer for the company. During the reporting period potash company recorded a profit of 49.97 billion rubles. against a loss in the value of 2.29 billion RUB, the company informed. Such a strong financial result was partly due to the growth in revenue of 23%. Their positive role is also played by improving accounting articles “other income” and “other expenses”.
Adding that shares of Uralkali lost its popularity among large investors and speculators. This is due to the plans of delisting of these securities.
ClA shares of Yandex (YNDX RM, -3.13%) lost all of its one-day gain, which happened before the fact of publication of the consolidated financial results of the Issuer for the 2nd quarter of 2019. Yesterday the paper came in third place for speed among the stocks on the Moscow exchange. Obvious negative for a representative of the IT sector was the news about further tightening of sectoral legislation. For this reason, we observed the retreat of illiquid shares of the iQIWI (QIWI RM, -2.93%) of the annual maximum. Yesterday it became known that the anonymous electronic purses “Yandex.Money” and “QIWI Wallet” and other now you cannot top-up using cash. Besides, the fresh bill proposes limiting participation of foreign capital in significant Internet companies.
This morning the futures on US stock indexes rose moderately in the range of 0.2%. Contracts on Brent crude after the evening growth has increased in price by 0.6%. Gold futures gained 0.2%. Chinese stock index Shanghai Composite rose 0.5%. Nikkei225 also increased by 0.5%.
The external background before bidding in Russia can be characterized as moderately positive. This creates conditions for the opening of index Mosberg with some growth.
The index Mosberg with a moderate increase in the range of 0.1-0.3%, in the district 2730-2735 p. as the nearest supports will be the levels 2720, 2710 p. Significant resistance is seen around 2740, 2750 p.
In the first minutes of trading, the index Masuri will play morning a moderate improvement of the external background. Later, he may pass away in a state of consolidation near to levels of opening in expectation of new significant stimuli for directional movement.
In the afternoon, the main external reference point for participants of the Russian auction will remain the dynamics of oil futures. Indirect effect on local stock market can provide the publication of the June index of pending home sales in the real estate market in the United States (17.00 GMT).
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Vitaly Manzhos,
Senior risk Manager,
IR “Algo Capital”