The Russian stock market will not grow without the support of oil companies

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Index Mosberg Thursday still struck 2,400 points, although such rapid positive now looks a bit strange. First, behind the stock oil, which was torn up the day before. Second, the internal momentum to continue shopping almost there, but the appearance can change too quickly. Ruble indicator at the end of the week able to consolidate in the region 2365-2410 points, RTS index – in a corridor 1125-1149 points. However, for the last range 1110-1135 points looks the most comfortable.
Papers “Gazprom” following a rally on the eve stopped the growth. “Dividend” momentum has not continued, and understandably so: no specifics were made, were not understood nor the level of “double-digit” dividend, no clear conditions for the realization of this idea. In this case, the paper may be slightly adjusted to the area RUB. 158-162 However, if there will be new details of the intentions of top management to increase the remuneration of shareholders, the rally will return very quickly.
After the head of the Federal reserve system Jerome Powell on the eve of deployed U.S. dollar, the ruble rushed at a gallop. By Thursday evening, the dollar/ruble falls almost 1% and is 66,33 RUB, against the background of weak oil looks still excessive oscillation. Here is the “detachment” from oil now draws attention to: the ruble cost of a barrel is RUB 3955, which is at least more than eight months. Concerning black gold, the ruble is clearly overrated, so once the market dries up local emotions, the dollar return is slightly higher.
The session will be closed Thursday for the pair dollar/ruble within 66,25-of 66.65, Euro/ruble – 75,40-to 75.85.
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Anna Bodrova,
Senior analyst,
Alpari