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The Russian stock market is growing but in no hurry to reach new heights



The Russian stock market is growing in the middle of the week, but very calmly without unnecessary emotions. The Moscow Exchange index rose to 3505 points and may remain in the corridor 3485-3525 points. The RTS index is trading at about 1431 points and is ready to stabilize within the range of 1420-1450 points. Sberbank shares on Wednesday rose to 283.90 rubles. after two days of noticeable decline, but still remain within the short-term March 30 downtrend channel. Sberbank’s net profit in March 2021 increased by 66.3% YoY, net interest income increased by 12.5% ​​YoY, and fee and commission income also grew noticeably (+ 4.4% YoY). In general, in the first quarter of this year, net profit strengthened and amounted to 282.5 billion rubles, the return on equity rose by 23.6%. It turns out that the beginning of the year for Sberbank turned out to be quite productive, profitability returned to pre-crisis parameters. The hero of the day is RusHydro. The paper jumped to 0.8394 rubles, after which it retreated to 0.8353 rubles, where it is in the evening. Range trading has been observed here for a long time. The market believes that the longer the consolidation period, the more pronounced the impulse in one direction or another. This is very clearly seen in RusHydro’s promotions. What’s next? Probably, now the market will try to gain a foothold within 0.8200-0.8400 rubles in order to go further. Lenta, Gazprom Neft and Bashneft preferred shares remain under market pressure. In addition, the shares of BSP, which only yesterday figured among the leaders in demand, are in the red. The US dollar strengthened well against the ruble during the day, but by the evening it loosened its grip and returned to 77.13 rubles. It’s time to slightly move the medium-term trading range for the dollar by 75.00-77.50 rubles. The euro costs 91.81 rubles, there is still too high volatility, which can quickly return the euro / ruble pair to 89-91 rubles. __________________ Anna Bodrova, Senior Analyst, IAC “Alpari”

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