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Tinkoff went gold while gold was getting cheaper

Over the past week, from January 11 to January 15, the Russian stock market showed rather contradictory movements. The Moscow Exchange index dropped 0.9% over the week, to 3450.95 points, while the RTS index, on the contrary, rose 0.52% to 1474.28 points. This could be due to conflicting news regarding the coronavirus pandemic: on the one hand, lockdowns and restrictions for business continue in Europe and the United States, on the other hand, in a number of countries of the world, including Russia, mass vaccination of the population begins. The price of Brent crude oil fell 1.2%, correcting after a strong rally in the first trading days of the year, while gold fell 0.9%. The shares of the second-tier companies were mainly in the lead, but the growth was in individual shares of the banking and oil and gas sectors, and among the outsiders were the shares of mining, electricity, technology. 3270 RUB per share. It is possible that the growth took place due to the fact that in the near future the share of the controlling shareholder Oleg Tinkov and his family in the bank’s capital is expected to decrease from the current 84% to 35% due to the conversion of part of their shares into non-voting shares. An increase in the bank’s free float may contribute to a significant increase in the liquidity of its securities and the possible inclusion of securities in the MSCI Russia index. We do not have target prices and recommendations for these shares yet. The market outsider is Polymetal. Over the past week, these shares fell 5.8% to RUB 1,665.7. for the paper. The reason, most likely, was the fall in gold prices. We have a “HOLD” recommendation for the securities throughout the year with a target price of RUB 1,800. This week, according to our forecasts, the RTS index may trade in the corridor of 1450-1490 points, and the Moscow Exchange index – in the range of 3430-3480 points. _____________ Natalia Milchakova, Deputy Head, IAC “Alpari”

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