The Russian stock market looked very strong yesterday, having managed to rise by 1.3%, while the American stock market closed in a confident minus. In many respects, the positive was caused by the announcement that the American authorities would not apply sanctions to the participants of Nord Stream 2. This not only triggered a 4.3% surge for Gazprom, but also had an overall positive impact on the market, raising hopes that the United States is seeking to improve relations with Russia.
Among other significant events, it is worth noting the announcement of Magnit’s intention to buy the Dixy chain. In general, we regard this news as negative, since the withdrawal of a large player from the market will only increase monopolization in retail and lead to an increase in retail prices. However, all is well for Magnit: for a fair price, they will receive a network similar to theirs in format, the modernization of which will not require huge costs.
VTB, which had previously fallen on rumors of a possible additional issue, yesterday received more real mail for reduction: Bank Trust announced the sale of about 9.1% of VTB’s capital. We still recommend trading the shares of the second largest Russian bank only speculatively.
In general, the Moscow Exchange Index completed the main trading just below 3690 points. There is a potential for technical growth, resistance is at 3720 points. But it will be difficult to realize this opportunity today, due to the deteriorating external background. American futures are losing a third of a percent this morning.
Oil fell by a percentage against the close on Tuesday, having gone to the region of $ 68 per barrel. The $ 70 mark was “punctured” yesterday, but has remained unconquered. Now, a rollback of quotations in the region of 66.5-67 dollars is not excluded, but a lot will depend on today’s statistics on US stocks.
Against the general negative background and the decline in oil, speculators can try to spoil the oil industry, which previously looked much worse than the market. But it is not worth getting carried away with the “bearish” process, since sooner rather than later oil will again try the strength of the $ 70 per barrel mark.
Gold continues to grow, so it is worth keeping stocks of gold miners in portfolios and increasing their share in case of drawdowns.
Without much change in the foreign exchange market. The dollar-ruble pair settled just below 74, and may well stay there while the tax period goes on. But the devaluation of the ruble is only a matter of time.
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