Yesterday, the Russian stock market continued to grow, but not as violently and on a not as wide front as on Thursday and Wednesday. The largest contribution to the rise of the Moscow Exchange Index was made by the overweight shares of Sberbank and Gazprom, which went up by more than 2%.
The continuation of the purchase of Sberbank looks logical: on Monday, the paper will be the last day with dividends. Sber traditionally quickly closes the dividend gap and there is no reason to break this tradition this year.
Unlike Sberbank, there are no special reasons for buying Gazprom. Gas prices are falling with the arrival of heat; already in Europe, words about the need to bury Nord Stream 2 are being heard more and more actively. Therefore, our view of Gazprom is more pessimistic, although it is worth remembering that part of Gazprom’s rapid growth is a harbinger of a correction.
Gold prices went to the region of $ 1800-1820 per troy ounce. Overcoming this resistance zone will betray technical strength to accelerate growth. Fundamental factors also speak in favor of the appreciation of gold: it again began to be in demand as the best tool to protect against global inflation. Therefore, the shares of gold miners should at least be kept in portfolios, and as a maximum – carefully increase positions on them. Polyus looks the most promising.
In general, the Moscow Exchange Index is trading in the middle of the rising channel. Growth is now limited to just above 3700 points. But there are doubts that the indicator will have enough strength to continue to move towards resistance without recoil.
In the morning, the external background is developing positively: American futures are slowly growing, industrial and precious metals, as well as oil, are in positive territory. Therefore, we will open up a little, and then a lot will depend on the external background.
We do not see any risks of carrying longs over the weekend, but it cannot be ruled out that a small wave of good profit taking in recent days will pass through the market.
The ruble rose yesterday against the dollar by three quarters of a percent, and is trying to continue growth this morning. The strongest support for the dollar-ruble pair is the 73 mark. Breaking it seems incredible so far, so when the pair approaches this mark, it makes sense to speculatively buy the dollar against the ruble.
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