The benchmark for the Moscow Exchange index: a corridor of 3550-3600 points


Market the day before

Trading dynamics were mixed. The growth leaders were shares of VTB Bank (VTBR 0.054295, + 5.22%). Among the outsiders were Yandex NV (YNDX 4,743.0, -3.89%). The USD / RUB pair was trading near the 75 mark.

Market and company news

Equities are declining amid Janet Yellen’s comments. The head of the US Treasury does not exclude the risk of overheating the economy and, as a result, raising the key rate to normalize the situation. Such statements, even if they come not from the Fed, but from another department, as a rule, cause negative dynamics in the stock market. In the first place, shares of the technology sector will be corrected. In Russia, the securities of Yandex, Mail.Ru, Ozon, Fix Price may become outsiders. The beneficiaries of this situation, most likely, will be the shares of banks and commodity companies.

A moderate increase in rates (there is no talk of a significant revision yet) usually does not slow down economic growth: on the contrary, resources become more expensive, and demand for them may even increase for a while. Although the situation on the Russian market as a whole will be determined by the external background, we believe that, at least until the end of the week, the dynamics of trading floors in Russia will be better than in other regions. The reason for this will be the presence of a sufficient number of shares of the commodity and financial sector on the Russian stock market, which currently act as protective securities.

Trading Ideas

Tatneft, JSC (TATN 510.7, + 0.83%), spec. purchase, purpose: 550 rubles. We believe that the negative news has already been won back. The technical picture indicates a rebound with a target of 550 rubles. Stop – at the level of 490 rubles.

Expectations

We expect mixed dynamics. Better than the market will be traded securities of banks and oil and gas companies. Forecast for the USD / RUB pair: range 74.50-75.50. The reference point for the Moscow Exchange index: the corridor 3550-3600 points.

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