• Russian stock market daily evening report (August 27, 2015, Thursday)


    Market today. Suspended panic at the global grounds as showed by the recent two days, allowed RTS (+6.2%) exceed 800 points. Climbing oil was an extra factor of the domestic market strengthening. At that, the stock of the non-oil exporters were the top losers at the market at the back of ruble strengthening: Akron (-3.1%), PhosAgro (-3.2%), NLMK (-1.2%), Uralkaliy (-1.9%). Given factor drove the stocks of Sberbank (+3.6%) up. Posted strong report for 1H 2015 helped the stock of Inter RAO that has lost a lot recently.

    The authorities of China conducting interventions at the national exchange market helped keep the Chinese indices from a new dip. Given factor made the investors confident worldwide and supported correction growth.

    Market tomorrow. As for the most important events of Friday, we outline the annual conference in Jackson Hole, which is to open today. Despite that the head of Fed Jennet Yellen will not attend the given conference, importance of the given event with respect to expectations of the upcoming session of Fed, when the future of the rate is to be decided, will unlikely remain underestimated.


    Market today. Growth of the oil quotes after the numbers on extraction volume in the US that have reduced and improved sentiment at the global grounds provided strong support to ruble and the debt market. OFZ added about 50 bps; yield reduced 20 bps. In the corporate segment, buying went on the loans: RSHB-21, Gazpromneft-9, and GTLK MB-1. Eurobonds added over 1 pps. Russia-43 grew 2.5 pps to 91.9% of the nominal, Russia-23 – 175 bps to 95.2% of the nominal.

    Market tomorrow. The oil continues climbing confidently up for the nearest future, likely we might be expecting its quotes up at 47 USD per bbl of Brent. At the given background, we expect the positive ruble rate dynamics and Russian bonds growth.

    FX market

    Market today. Thursday price recovery continued at the oil market, resulting from that dollar/ruble pair at the lowest reduced below 67 RUB, though Wednesday evening the pair traded below 69 RUB.

    Market tomorrow. Re-bound at the global grounds allowed ruble to regain positions, lost within the recent weeks, even despite the end of the tax period. Nevertheless, ruble remains vulnerable to fluctuations of the oil quotes, and its significant reduction for August actually does not limit “potential” of the further drop in case the oil for instance comes to update the minimum from February of 2009.

    Contributed by Veles Capital
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