The Moscow Exchange index will trade within 3400-3450 points


Market on the eve

The trading dynamics were multidirectional. The growth leaders on expectations of an increase in dividend were shares of Cherkizovo (GCHE 2,365, + 5.35%). The list of outsiders among the most liquid included shares of GMK Norilsk Nickel (GMKN 23 230, -2.29%). The USD / RUB pair was trading near the 74 mark.

Market and company news

The Ministry of Finance announced the parameters of its operations in the market in March. The volume of foreign currency purchases will amount to 148 billion rubles, or about 7 billion rubles. in a day. This volume does not have a noticeable impact on the market. The increase in purchases was due to the rise in oil prices. The good news: this Wednesday, the agency successfully placed four-year OFZs with a yield of about 1 percentage point. higher inflation. The demand exceeded 150 billion rubles. At the same time, the demand for inflationary OFZs was low. In our opinion, the improvement in the state bond market is temporary. There are no signals about a decrease in the inflation rate yet.

MMC Norilsk Nickel (GMKN 23 230, -2.26%) will restore production. The head of the company announced the imminent resumption of production at the mine, which was suspended due to the accident. However, investors reacted to this message with sales. Nickel quotes fell 5% at once. As a result, the shares of the mining and metallurgical company also corrected. Downtime for a month threatened to decrease production volumes by about 2% per year, however, it is possible to maintain its planned volume if necessary. The nickel production cut is acting on the market like the OPEC + deal, so the reaction to the good news turned out to be negative. The closest support level for Norilsk Nickel shares is located at around 23 thousand, there are no reasons for its breakdown downward.

Trading Ideas

Moscow Exchange (MOEX 170.69, -2.09%), spec. purchase, purpose: 180 rubles. The company will report for the fourth quarter. The number of investors has reached 10 million and continues to grow rapidly. Since March, the duration of sessions in the foreign exchange and derivatives markets has increased, which can provide an increase in turnovers up to 10%.

Expectations

We expect multidirectional dynamics. The external background does not provide clear guidelines. Forecast for the USD / RUB pair: range 73.5-74.5. The Moscow Exchange Index will trade within 3400-3450 points.

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