The Russian stock market continued to remove technical overbought yesterday, declining by a quarter of a percent according to the Moscow Stock Exchange Index. The correction is logical and logical, but it is unlikely to be deep, since private investors ruling the market will continue to buy shares for dividends.
Yesterday, Severstal shares were better than the market, rising 1.6% on the information that the company's Board of Directors may adopt a recommendation on the payment of quarterly dividends on April 23. If this happens and the company returns to the rhythm of paying dividends several times a year, the paper may once again be among the most attractive and beloved by investors. So far, shares of ferrous metallurgists should be held in the medium term.
For the second day in a row, shares of AFK Sistema have grown by more than 4%. There was no important news about the company, purchases resumed in anticipation of the IPO of MTS Bank, which after the placement will receive a market capitalization and thereby show the true value of the banking asset owned by Sistema. Strong technical resistance on paper is 3 rubles higher.
The situation in the commodity market is not encouraging. Oil fell back to $87, reacting to a decrease in tensions between Iran and Israel. Today, she is trying to push off from this mark, adding a quarter of a percent. But the technical picture for oil has deteriorated – the short-term sideways $89-$92 has been broken down.
Gold adjusted below the $2,400 mark, dragging down shares of gold mining companies. In gold, there is often a strong influx of funds from private investors after the steady growth of the metal. At the same time, large investors are beginning to reduce the positions of the "physicists". Perhaps such a picture is still being observed. While gold is trying to remove overbought sideways. The nearest support lies in the area just above $2,300.
The dollar-ruble pair, after the release of their semi-annual sideways 87-93.5, ran into a technical resistance of 94.5, which it could not immediately break through. It is possible that the pair will return to the usual corridor for recent months, but it is dangerous to buy the ruble against the dollar. Next week, we can expect an increase in demand for the currency as a hedging tool for transferring ruble positions through the May holidays.
Alexey Antonov, Head of Investment Consulting at ALOR BROKER
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