The Russian stock market to the middle of the day grows moderately
By the middle of the trading day the main Russian stock indices of RTS and Mosberg demonstrate a moderate increase in relation to the levels of the previous closing. They have already offset by their significant drawdown of the morning, held in the first hours of trading. As often happens, situational support local the bulls had crude futures easing. Today the contracts for “black gold” managed to update its weekly high. At the same time, futures on US stock indexes continue uncertainly balanced on the edge of positive and negative changes that inhibits the activity of buyers in the local market.
From a technical point of view, the indexes of RTS Mosberg and yet managed to stay somewhat above their monthly minimums. Quite a large intraday rebound to the upside allows to hope that today they will not go below. We would add that political risk is gone along with concluded presidential elections. However, increasing foreign tension does not have a Statute of limitations. While she retains a tendency to aggravation.
By 15.30 GMT Mosberg index rose by 0.08%. The RTS index was up 0.37%.
June futures on the RTS index (RIM8) traded in a state of near parity relative to the reference indicator. Derivative market participants today was close to a neutral assessment of the medium-term prospects of the RTS index. On the background of a slight increase intraday index Masuri most liquid stocks traded mixed with a moderate deviation in the range of 1-2% relative to the levels of the previous close.
Leaders rather modest decrease among blue chips, made of paper Sberbank-AP (SBERP RM, -0,99%). Their current weakness is due to more technical reasons. In the mentioned shares for the past weeks continues to develop a corrective decline. But do not forget that the opening “short” positions in such strong papers are still fraught with high risks.
Shares of retail network Magnit (MGNТ RM, -0,90%) today fixed below the recent significant support level, located in the area of 5000 RUB. This can be interpreted as negative technical signal. However, these papers retain their strong medium-term oversold. Therefore, they do not have a large potential for further fall from the current level.
One of the few notable events in the second tier was a strong intraday rise illiquid shares of Tattelecom (TTLK RM +of 15.41%). The impetus for the current purchase activity in these papers was the news that the Board of Directors recommended shareholders to approve dividends in the amount of RUB 0,019222 per share, or approximately 10.9% of their current stock prices. We would not have to rely on the fact that today the increase of these securities will continue in the following days. When you look at the daily chart it becomes apparent that short-lived bursts of purchases and sales, they are replaced by unprincipled periods of prolonged stagnation.
Currently, the index Mosberg once again managed to break into positive territory with the support of the rising in price oil futures. However, it outlined the increase does not yet look pretty confident. The release of important statistical indicators in the United States today is not scheduled. In General, we expect the prices of Masuri near current levels, with a moderate deviation in the range of 0.5-0.7% on the day.
Senior risk Manager,
IK “Nord Capital”