Stock Market Review for June 3, 2021 – ForTrader.org Financial Magazine


Market the day before

Positive dynamics prevailed. The Mosbirzhi index has renewed its maximum. The growth leaders were shares of NOVATEK (NVTK 1,548, + 3.82%), which completed construction of all phases of the Yamal LNG project. Among the outsiders were HeadHunter (HHRU 2 816, -8.05%) after the news about the sale by the funds of a large stake in the SPO. The USD / RUB pair was trading near the 73.50 level.

Market and company news

The Bank of Russia notes the acceleration of GDP growth rates. It is expected that the pre-crisis level in a number of sectors may be reached in the first half of the year, but some sectors are recovering more slowly. At the same time, inflation accelerated last month. Data on price increases for May will be published in a week, and if inflation is more than 5.5% on an annualized basis, then the key rate may increase. However, the likelihood that the regulator will keep it at the current level still prevails. The stock market demonstrates positive dynamics, despite the risks associated with the acceleration of price increases. In addition, if the economy has entered a phase of inflationary growth, then first of all, shares of cyclical companies will rise in price. Yesterday, the Moscow Exchange index for the first time reached the bottom of our forecast range for the year. We expect the Russian market to move to a sideways trend or a moderate correction in the near future, but in general it will remain dependent on the situation on external commodity and stock markets.

Trading Ideas

Magnet (MGNT 5 456, -0.25%), spec. purchase, purpose: 5 800 rubles. Retailer quotes are able to break through the previous maximum of 5,500 rubles, the next resistance will be the level of 5,800 rubles. Investors will continue to play on the news of the purchase of Dixy, as a result of which the consolidated revenue of Magnit will approach the result of X5.

Expectations

We expect multidirectional dynamics. Forecast for the USD / RUB pair: range 73.00-73.50. The reference point for the Moscow Exchange index: the corridor of 3780–3830 points.

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