Investors in the stock market forgot about inflation


Surprisingly, traders somehow quickly forgot about inflationary fears and rushed to buy back the securities that sank on Wednesday. American indices added about a percent yesterday. During the main session we looked much weaker, but this morning the Moscow Exchange Index will win back the evening growth and the American futures, which are growing by 0.5% in the morning.

Despite the falling oil, Rosneft looked strong yesterday. As we have warned, the paper at any time can start to win back strong fundamental undervaluation and lag from the market in May, which happened. However, today the oil factor will nevertheless exert its black influence on oil stocks: oil went below $ 67 per barrel.

Sberbank again began to demonstrate a desire to quickly close the dividend gap. Papers need to be kept and even bought carefully.

In contrast to Sberbank, we are not sure of a quick closure of the dividend gap by the Moscow Exchange, the value of whose shares we assess as “fair”.

VTB shares again became the leaders of growth with the indicator + 5%. We still do not like the paper, and we will not recommend it for purchase, although it is quite possible that it will continue to grow.

The technical picture for the Russian stock market is favorable: the Moscow Exchange index did not even bother testing the lower border of the ascending channel around 3600 points, having turned away from it. Now it would be nice to go to the resistance, which is located at about 3720 points, at the same time rewriting the historical highs. But this is unlikely to happen today.

The “red” dynamics of the majority of raw materials is a little annoying, although I really want to speculatively take ferrous metallurgists on a rebound. In any case, it is worth holding shares of gold miners and increasing positions on them in the event of a drawdown in gold prices.

The ruble showed surprising resilience to both external negativity on Wednesday and to the improvement in sentiment yesterday, and did not go out of the 74-75 corridor with the dollar. We consider this to be the equilibrium range for the coming days. When the pair leaves closer to 73, speculative sales of the ruble will increase.

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