• Russian stock market daily evening report (August 28, 2015, Friday)

    Stocks

    Market today. For the most part of the day, the Russian exchange market showed flat dynamics after a confident growth of the oil. However, by the end of the day the oil once again started upping and went above 49 USD per barrel, which provided confidence to the investors and allowed starting to buy. At that, the oil-and-gas segment was outperforming the market: Novatek (+2.8%), Lukoil (+3), Gazprom (+1.8%). Climbing ruble once again forced the participants to exit the chemical industry: PhosAgro (-1%), and Urkaliy (-0.5%).

    Market tomorrow. Next week the release of PMI manufacturing in China for August will be the most important event scheduled Tuesday. The previous release of the index has launched a chain reaction at the global grounds that led to full-scale selloff. Additionally, the conference in Jackson Hole that is to last till Saturday is important too.


    Bonds

    Market today. The domestic market suspended growth despite the oil quotes growth within the evening hours on Thursday. Nevertheless, the new round of quotes upping that followed after the American grounds opened have supported the Russian market before the close. OFZ closed mixed. In the corporate segment, buying went on the loans GPB-7, VEB-9, and Zenith-10. Eurobonds closed the daytime session with mild adding. Russia-43 added 15 bps up to 93.4% of the nominal, Russia-23 10 bps to 95.75% of the nominal.

    Market tomorrow. Early next week we expect buying to continue at the Russian debt market. Quotes of the oil came close to the level of 50 USDD, totally covering the loss of the recent two weeks. Given dynamics will be a support factor for the Russian market at least for the few starting few of the week.


    FX market

    Market today.
    By Friday evening, the Brent oil went above 48.5 USD per barrel, though early this week the price went even below 42 USD. Resulting from such a rapid recovery of the oil price, dollar/ruble pair closed the week below 66 RUB vs maximum of 71.65 RUB early this week.

    Market tomorrow. As the oil prices climb, further prospects of ruble seem to be more favorable and in case the oil quotes return to 50 USD, the domestic currency probably manages to move dollar below 65 RUB.

    Contributed by Veles Capital
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