Yesterday, the Moscow Exchange index managed to add 2.2% and rise above the 2,300 point mark with increased trading activity – the consolidation sentiment that prevailed in the first half of the day, with a focus on demand in the "oil industry", was replaced by a directional frontal increase in quotations of key securities. Statements indicating the possibility of an early resumption of the negotiation process on Ukraine contributed to the intensification of purchases and the wave of closure of "short" positions outside the oil and gas sector.
The growth leaders for the day, however, were the "chips" of the oil and gas sector, supported by the rally in the oil market, in turn, fueled by further escalation in the Middle East. Rosneft and NOVATEK soared by 7.4% and 6.5%, respectively, offsetting the lag behind the already well-grown LUKOIL (+2.4%) and Tatneft (+1.9%). A surge in purchases was observed in Gazprom (+5.4%) and the less liquid Bashneft (oa: +4.8%; pa: +4%) with Russneft (+4.6%).
Of the "chips" in other sectors, we note, first of all, the revival of purchases in Sberbank (+2.9%), which managed to overcome 280 rubles and come close to the August peaks, a good payback in steelmakers led by Severstal (+3%), and Inter RAO (+3.1%).
The shares of Aeroplane (-5.3%) and Norilsk Nickel (-1.7%) were among the outsiders, as the latter came under pressure from a wave of sales in precious metals caused by increased concerns about inflation and PREP in developed countries.
The stock market situation is beginning to look encouraging technically; sentiment, given the exceptionally favorable oil market conditions and the surge of hopes for progress on the geopolitical track, is supportive of speculative purchases. If, as we hope, today's meeting of the Bank of Russia does not bring negative surprises, the Moscow Exchange index will be able to gain a foothold above 2,300 points by the end of the week, which will open up space for movement towards 2,500 points. Based on this scenario, yesterday we started to restore our positions in the model portfolio.
Evgeny Loktyukhov, Head of the Department of Economic and Industry Analysis, PSB.The "Comments" section of the AK&M news agency publishes materials submitted by Russian and foreign investment companies and banks. Their opinions may not coincide with the opinion of the editorial staff of the AK&M agency. The opinions presented in the comments are expressed taking into account the situation at the time of publication of the material. The comments are for informational purposes only; they do not constitute an offer or advice on the purchase or sale of securities. For questions about the placement of information in this section, please contact the agency's editorial office by phone (499) 132-61-30 ext. 0102.
