On Thursday, the Russian stock market continued its recovery wave, supported by improved geopolitical expectations. This contributed to the activation of purchases and allowed the Moscow Exchange index (+2.9%) to rise above 2,200 points and by the end of the spring session to come close to the next resistance, located at 2,250 points. At the same time, trading turnover recovered to above average values – during all sessions, the total trading volume of shares from the Moscow Exchange index amounted to more than 97 billion rubles, against 47 billion rubles on Wednesday and 92.5 billion rubles. on Tuesday.
Ozone securities became the market leaders (+12.3%). In order to improve expectations for company performance, market participants switched to profit-taking on speculative short positions, which allowed the paper to recoup a significant portion of the losses incurred last week. We also note the growth of Alrosa and Aeroflot, where the closing of the "shorts" also supported the upward trend, which allowed them to grow by 7.1% and 6.6%. Of the oil and gas sector securities supported by the improvement in the energy market, Lukoil shares (+4.3%) and Gazprom (+3%) showed better market dynamics.A limited number of securities closed "In the red." Thus, Surgutneftegaz's "prefs" (-0.4%) came under pressure, where sales were supported by the recovery of the ruble, shares of Akron (-0.5%) and Lenta (-0.1%).
At the beginning of the session today, the market may inertially try to overcome the mark of 2250 points, which is entering the nearest resistance. However, in the absence of supportive news in the afternoon, sales may intensify against the background of profit-taking on long positions in Russian stocks ahead of the weekend, which will lead to a market correction. In the current situation, we see 2,200 - 2,300 points as the target range for the Moscow Exchange index, with risks of a retreat to its lower limit.
Bogdan Zvarich, Head of Banking and Financial Market Analysis at PSB/
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