The forecast for the Moscow Exchange index for today: 3180-3230 points


Market the day before

We managed to win back part of the fall. The growth leaders were shares of En + (ENPG 15,650.5, + 2.12%). The outsiders were Polyus (PZLL 34.58, -6.01%). The USD / RUB pair was trading in the 75-76 range.

Market and company news

The market is bouncing and the ruble is falling. The news about the recovery of the US economy (in the third quarter, the growth of US GDP was 3.3%) outweighs reports of tightening quarantines amid rising incidences in Europe and the spread of a more infectious strain of COVID-19 in the UK.

The Russian stock market is playing out the dynamics on external markets. However, optimism in the United States caused the dollar to strengthen against the euro and other major currencies and, as a result, to reduce the price of oil, which fell by 6% during the day. This, in turn, led to a weakening of the ruble, the rate of which against the dollar fell to its lowest since the beginning of the month.

We believe that the Russian currency retains the potential for strengthening within 6% at the current oil price and is able to realize this potential. We expect the rate to return to the 72-74 range over the next few days.

Trading Ideas

AFK Sistema (AFKS 28.699, +2.77), spec. purchase, purpose: 32 rubles. we are counting on a rebound in quotes after a correction of almost 20% in two weeks. The start of vaccination against coronavirus is a positive driver.

Expectations

We expect mixed dynamics. The domestic market will follow the external sites. Forecast for the USD / RUB pair: range 74.50-75.50. The Moscow Exchange index, according to our calculations, will trade within 3180-3230 points.

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