18.08.2022

Russian stock market closed the week with growth on expensive oil

By the close of Friday, the Russian stock market rose in terms of indices, winning back the consolidation of the oil market above the level of $ 57 per barrel.

The MICEX index is still unable to gain a foothold above the key level of 2100 points.

At the end of the day, it increased by 0.18% – to 2098.77 points, the RTS index – by 1.11%, to 1156.64 points, according to the data of the Moscow Exchange.

GROWTH FOR OIL

The Russian stock market rose on Friday, winning back the positive external background.

The main reason for the purchases was the situation in the energy market, where Brent crude, against the background of a decrease in hydrocarbon reserves in the United States and an increase in oil imports from China, was able to rise to the region of $ 57 per barrel of Brent, said Bogdan Zvarich from Freedom Finance.

Also, the bulls were supported by the dynamics of external stock markets.

Shares of “Kamaz” KMAZ rose on Friday by 5.9% against the background of data on the growth of net profit under RAS for nine months in 10.7 times – up to 2.979 billion rubles.

Also among the growth leaders are the upwardly corrected shares of Norilsk Nickel (+ 3.3%), Bashneft preferred shares BANE (+ 2%), shares of the Moscow Exchange (+ 1.8%).

Shares of Sberbank SBER rose in price by 0.5%, to 196.5 rubles, approaching the landmark historical record of 200 rubles.

Shares of NCSP (-1.9%), Magnit MGNT (-2%), Uralkali (-0.7%) declined.

FORECASTS AND RECOMMENDATIONS

The MICEX index has not yet managed to end the week above 2100 points, however, the current technical picture, due to consolidation above the local support located at 2080 points, speaks in favor of continued growth, estimates Zvarych from IC “Freedom Finance”.

“The first target of the upward dynamics may be resistance at the level of 2150 points, the breakdown of which will open the way for the bulls to the highs of the year (around 2300 points – ed.)”, – he added.

The nearest futures on the RTS index in the last auction made three attempts to pass the level of 114,600, which turned out to be unsuccessful, said Sergey Drozdov from the Finam Group.

At the moment, local support is located at 113900 for futures, he estimated.

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