On Tuesday, the Russian stock market tried to continue its upward trend. The main growth occurred in the first half of the day, which allowed the Moscow Exchange index to reach above 2,300 points at the moment, but in the evening sales intensified, as a result of which most of the growth was compensated. Thus, according to the results of all sessions, the Moscow Exchange index added only 0.3%, ending trading just below 2,280 points. Turnover in the market increased slightly, so according to the results of all sessions, the total trading volume of shares from the Moscow Exchange index amounted to about 81.5 billion rubles against 79 billion rubles the day before (the average for the month was about 84 billion rubles).
The main support factor was the dynamics of the energy market, where Brent crude oil rose above $99/bbl, the highest since July 24. As a result, demand was concentrated in the "weighted" securities of the oil and gas sector, which was able to outweigh sales in other sectors. The market leaders were shares of Tatneft and Surgutneftegaz, which added more than 3%. We also highlight the growth of Lukoil's securities (+1.8%). Neftegaz was represented by Norilsk Nickel (+1.8%), supported by improved views on company performance and dividends, Alrosa (+2.1%) and RusHydro (+1.9%).
The outsiders are Aeroplane and WUSH Holding's securities, which lost 3.7% and 3.3% on Tuesday. Despite the rise in oil prices, Bashneft shares showed weakness (-2.8%). Note the transition to the correction of MMK securities (-2.8%) – so far the stock holds positions above the support at 22.5 rubles, which speaks in favor of the possibility of continued growth. Today, the Moscow Exchange index is consolidating above the 2,250-point mark, which is the closest support for the market.
In the absence of changes on the geopolitical track, investors may switch to profit-taking on long positions in Russian stocks, which will put pressure on the market. At the same time, purchases in the "weighted" securities of the oil and gas sector will support a further increase in oil prices, which will curb the decline in the Moscow Exchange index. Plus, some bidders may take a break from making investment decisions ahead of the Central Bank's key rate meeting, which will reduce market activity. All this will help the market move sideways. Note that from a technical point of view, before retreating below this level, the market still has chances to continue growth with possible immediate targets of 2,360 and 2,500 points.
Bogdan Zvarich, Head of Banking and Financial Market Analysis at 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.
