The Moscow Exchange index rose by 2% on Tuesday, closing at 2507 points, with average turnover of 87 billion rubles. The reason for the rebound is now the absence of a new negative, however, it is still very premature to talk about a decrease in volatility and stability of growth in the current market environment.
Yesterday, Sollers shares (+7.6%) and VK (+5.5%) took the lead - without news reasons, but generally sensitive to sentiment, as well as LUKOIL shares (+4.3%), recovering from an excessive sell-off on the news of falling under US sanctions and plans to sell foreign assets. So far, we believe that refineries in Romania and Bulgaria can be the first to be sold, especially since the sale of the latter was discussed earlier - at the beginning of this year. We also believe that the issue of interim dividends will become clearer in the near future, which will further support the company's securities (consensus is 433 rubles/share).Softline securities declined yesterday (-1.1%), despite the news about the extension of the buyback for another year, and the Moscow Stock Exchange (-1%), shares of YUGK (-0.3%) and OGK-2 (-0.1%) also looked weak.
Today, in our opinion, the Moscow Exchange index will be in the range of 2490-2550 points. The focus is on Yandex's financial report for the third quarter: the company reported better than expected revenue and EBITDA, and also raised its forecast for EBITDA for this year to 270 billion rubles against 250 billion rubles previously expected. The forecast for annual revenue growth of 30% or more remained in force. Besides Yandex, good internal stories like Lenta and X-5 can look better than the market today.
Ekaterina Krylova, Managing Expert of the Economic and Industry Analysis Department of PSB Bank.
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