The Russian stock market yesterday was unable to maintain the positions it had won in the morning. American investors decided to sell shares again, and at the end of the day took the indices into a good minus. There are no reasons for sales again. But this is also alarming. It is not excluded that the correction in the United States may worsen, which will pull Russian securities along with it.
Ferrous metallurgy again outperformed the market yesterday. So far, expectations of a halt in the growth of world steel prices have not been met. In such a scenario, the annual dividend yield of Severstal and NLMK may exceed Surgutneftegaz’s preferred shares, which is estimated at more than 15%. Naturally, with such a dividend yield, securities will be in demand and will be corrected very weakly.
Shares of oil companies also outperformed the market due to yet another surge in oil prices. According to the media, there was information that the OPEC + countries may decide not to increase production due to the unstable situation on the oil market and the weak recovery of the world economy. The Monitoring Committee did not make any recommendation yesterday, which indicates the existing disagreements on this issue. Today we are waiting for the decision of the ministerial committee.
If the decision not to increase production is nevertheless made, then oil in the short term may jump above $ 66 per barrel.
Supported by oil and statistics from the US Department of Energy, which recorded the maintenance of the level of average daily production in the region of 10 million barrels. At the same time, oil reserves rose sharply and fuel decreased. This indicates that American refineries have not yet recovered from the effects of the recent abnormal cold weather.
Today the external background is negative again: American futures are down half a percent. So we will open in the red.
Sberbank shares today will not be able to continue the upward movement after the breakdown of the triangle with a target of 290 rubles. now it is important for the paper to keep the support of 253 rubles. When approaching it, risky investors can be advised to buy Sberbank with the expectation of resuming its growth.
We advise you to be careful with oil stocks. As before, the risks of oil correction below $ 60 per barrel are high.
The ruble finished trading yesterday without any significant changes. This morning, the Russian currency is already losing about 0.15% against the dollar. On the external negative, we expect the continued weakening of the ruble, but the resistance of 74.7 on the dollar-ruble pair is likely to withstand today.
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