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


Market on the eve

Negative dynamics prevailed. The index of the Moscow Exchange almost renewed its historical maximum, but by the evening most of the securities closed in negative territory. The growth leaders on the back of news about possible dividends were shares of KAMAZ (KMAZ 231.86, + 5.91%). Among the outsiders were securities OZON (OZON 4,591.5, -3.54%). The USD / RUB pair was trading in the range of 76.00–76.50.

Market and company news

VTB Bank (VTBR 0.046675, -1.69%) will hold an Investor Day. Separate IFRS figures were released yesterday. The bank’s net operating income increased by 19% to RUB 194 billion. Net profit reached RUB 85 billion, which is 113% higher than in the same period last year. Earlier it was expected that the profit for the year will be about 250 billion rubles. In our opinion, this is an achievable goal, taking into account the results of the 1st quarter. If the bank directs half of the profits to shareholders, then the yield of the future dividend to current quotes will be about 6.5%.

Trading Ideas

LUKOIL (LOKOH 6,009.0, -0.94%), spec. purchase, purpose: 6,700 rubles. The oil giant’s shares lagged behind rivals. Further growth drivers in the future may be higher oil prices and the approaching auto season.

Expectations

We expect multidirectional dynamics. Outside markets are showing a moderate decline. In the local market, players’ attention is focused on events for investors of Rostelecom and VTB Bank, as well as on operating results of RusHydro for the 1st quarter. Forecast for the USD / RUB pair: range 76.00–77.00. The reference point for the Moscow Exchange index: a corridor of 3550–3600 points. The leaders may be the shares of banks and companies in the oil and gas sector.

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