• Russian stock market daily evening report (September 16, 2015, Wednesday)


    Market today. Russian exchange market showed positive dynamics on Wednesday following growth at the global grounds, and following the correction of the oil upwards. The oil was climbing during the day at the back of the released report of API, according to which the oil reserves volume reduced for the week by 3.13 mn bbl. Weekly report of Energy Ministry confirmed reduction of reserves by lower volumes – 2.1 mn bbl. At that, the target was 2 mn bbl up. The volume of per day extraction showed reduction by another 18K bbl, after 83 weeks drop earlier. Resulting from that, the oil has reached the level of 49 USD per bbl.

    Oil growth forced strengthening of ruble, which supported the shares of Sberbank (+3.5%) and Magnit (+3.2%). Shares of metal companies turned into outsiders at the given background: Severstal (-2%), MMK (-2.6%) and Mechel (-1.2%).

    Market tomorrow.
    After a positive report of reserves and extraction level in the US, the oil might turn into the only factor capable of affecting the Russian market on Thursday, as the Fed session starts today and the rate announcement is to follow afterwards. Probably large market participants would prefer to refrain from active operations until the decision on the rate is announced.


    Market today. Wednesday the debt market showed positive dynamics being warmed up by the improved sentiment at the foreign grounds and progressing oil quotes’ growth. Likely the investors have finally believed that Fed would not up the rates at the nearest session, therefore the investors bet on the reduced yield of the Russian notes. Particularly, at the Ministry of Finance’ auction today the placement of OFZ 26215 went on with nearly a 3x oversubscription. OFZ grew about 30-50 bps at the secondary market, yield reduced 10-15 bps. In the corporate segment buying went on the loans CreditEurope Bank MB-9, Binbank MB-7 and Magnit-7.

    Market tomorrow. Thursday we assume the domestic loans will be bought at the back of the expectations that Fed refrains from tightening its policy.

    FX market

    Market today. Wednesday, ruble will be supported by the increased demand of the banks for ruble liquidity and climbing oil prices. Thus, the interbank market rate MosPrime o/n grew by another 9 bps (by more than 1 pps for the recent week), and Brent oil went above 49 USD per bbl Wednesday.

    Market tomorrow. However, generally the investors’ attention will belong to the upcoming session of Fed, as no trend would form until the session despite the active growth of ruble within the recent days.

    Contributed by Veles Capital
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