The Russian stock market continued its correction yesterday, declining by 0.3% according to the Moscow Stock Exchange Index. Thus, the rate of decline has slowed down, and the trading turnover, which has almost halved, indicates a decrease in "bearish" pressure. It is possible that today we will see attempts to buy back part of the drawdown. Bank purchases are speculatively interesting, first of all, Savings banks. At the same time, we do not exclude that tomorrow or the day after tomorrow another small wave of sales will sweep through the market, associated with the reduction of longs before the May holidays.
Yesterday, VSMPO Avisma shares were among the growth leaders, growing by 5.9%. The news continues to play out here that the Canadian authorities have allowed the use of Russian titanium for the production of aircraft.
Since the beginning of the year, the paper has been trading in the red, demonstrating a result "worse than the market". The practice of recent months shows that private investors are very fond of picking up such stocks. In the long term, we look at VSMPO with a positive outlook – the company is able to produce not only high-quality titanium, of which there are not so many in the world, but also complex products made from it. Technically, the paper is currently trading on resistance, the breakdown of which will open an increase of another 15%.
Builder stocks were better than the market, Etalon and LSR securities even entered the top ten. We have a restrained view of this industry. Mortgages, as the main engine of home purchase, although growing, but the growth rate is slowing down, and the bulk of loans for the purchase of real estate are still issued under preferential programs. Conditions for them are getting tougher, and many benefits will soon end. Therefore, it is unlikely that developers will be able to repeat the financial and production results of last year.
The short-term downward trend in the dollar-ruble pair, which began a week ago, continues to develop. Yesterday, the pair approached the not very strong support of 92, but immediately did not dare to storm it. At the peak of the tax period, we do not exclude the beginning of testing this mark, but we believe that there are great risks of a slight depreciation of the ruble in the last two trading days of April.
Alexey Antonov, Head of the Investment direction of investment consulting ALOR BROKER
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