Market Analysis

Continued trends in the strengthening of the ruble in the foreign exchange market can rely on the short correction in the stock market

MICEX Index is trading with a decrease of more than 1%. European stocks exhibit neutral dynamics. Quotes oil futures lost all their morning gains, while the euro weakened against the dollar to polfigury after reaching the level of 1.496. Actually, a certain pressure on the currency market, which has a place to be, and is a deterrent to continued growth in the stock markets.

Marketable securities on our market are reduced to 5%. Most active stocks falling Uralkaliya (-4%) and RusHydro (-5%). LUKOIL, Nornickel hold near yesterday's closing levels. Gazprom Neft - the only paper of the liquid, who steadily grows (2%). News Minpromtorg Russia about the prospects of the allocation of 70 billion rubles. state funds to rescue AUTOVASE provoked a 5% decrease in stock price Automobile. By and large, we see only a small correction in financial markets, which makes sense to use for purchases of shares. We do not see the current major causes for the correction - minutes of last meeting of the U.S. Federal Reserve showed that about any curtailing of speech stimulation program still does not work, and therefore support market at the expense of excess liquidity will continue. Furthermore, if we speak in relation to Russia's stock market, but today we are witnessing the continuation of the trend in the strengthening of the ruble (currency basket price fell to 35.8 rubles.). Thus, no signs of outflow of investors from Russia's stock market is not observed. Accordingly, it makes sense to keep calm and stay in the papers, considering the current drawdown as just another small correction in the uptrend. Moreover, the market situation may change for the better in a few hours. At 15.30 Moscow time, will report to Goldman Sachs, at 16.00 Moscow time - Citigroup, and from 16.30 Moscow time to start the flow of statistics from the U.S. (data on inflation, weekly data on the labor market, industry codes of the FBI in New York and Philadelphia). And by the closure of more data and to change the oil and oil products from the Ministry of Energy, USA. The latter promised to support the oil market if the show is the same reduction in gasoline stocks, which published the night data API.

We sit on the fence, counting on continued growth in the market. Still preference shares of commodity companies. Singling confidently hold the last two days of paper Lukoil and Gazprom. At the same time note the relative weakness of Vneshtorgbank (-2%), which today updated their local minima of the two-day statute of limitations.

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