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Oil fall and the IMF outlook deteriorating did not break the Russian market

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Oil fall and the IMF outlook deteriorating did not break the Russian market
January 23
09:00 2019

Russian market

The Russian stock market began to grow despite the decline in world markets and the drop in oil (we recall that it was due to the deterioration of the IMF forecast). For example, the securities of “Rossety” have risen to an annual maximum, while “Mechel” securities have grown to the peak values of December.

The Moscow Exchange index has grown slightly to 2,468.7 points, while RTS has declined by 0.1%. The rates of blue chips have changed within 3%.

The initiative of “A Just Russia”  to exempt companies from paying 50% of the profits in the form of dividends, when more than half of the shares belong to the state or municipality, was rejected.

The market has not reacted to this news, and Gazprom even have risen by 0.1%. The shares of “Rossety” have grown by 5.5%.

Experts believe that the rise in prices is associated with the closure of “short” transactions, which were designed to move the market due to the news about the rejection of the initiative of “A Just Russia”.

After the news about the end of the loan restructuring, the usual securities of “Mechel” rose by 3% to 83.8 rubles per share, preferred ones – by 2.8% to 106.3. We recall that recently, the company has held a refinancing, which made it possible to reduce the proportion of the unstructured debt to 8%. They also managed to reduce the number of foreign lenders and optimize the schedule of payments to domestic banks.

The securities of other companies also show the growth: Tatneft – 2.1%, Magnit – 1.5%, Polyus – 1.3%, VTB – 0.6%, Sistema – 0.5%, Sberbank – 0.4%.

A slight drop was observed in such companies as: “Alrosa” – 2.5%, “Rostelecom” – 1.9%, “RusAl” – 1.8%, “RusHydro” – 1.7%, “MMK” – 1 , 5%, Rosneft – 1.3%, NLMK – 1.2%, Inter RAO – 1%, MTS – 0.6%.

The total trading volume on Tuesday amounted to more than 33.5 billion rubles. Ordinary shares of Sberbank accounted for the third part of the volume.

Foreign markets

American markets did not work because of the holiday. Asian and European markets showed a decline. After the negative IMF forecast, the S & P 500 fell by 1%.

According to IMF forecasts, the global GDP will grow by 3.5%. This year and next, the growth of the economy in China will be 6.2%.

Germany has published the data on business confidence in the economy. The attitude to the current situation has fallen to 27.5 points. Earlier, it was forecasted that the indicator would slightly decrease to 43 points from 45 points in December.

Oil is still falling amid a possible decline in demand. The March futures for the main crude oil cost $ 60.7. WTI contracts for March have slipped by 3.5% – to $ 52.2.

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade


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