At the Friday trading session on the Moscow Exchange, the typical Sberbank and Gazprom are not in the top in terms of trading turnover. At 12:20 Moscow time the following stocks took the lead:
• VK: trade turnover – 7.4 billion rubles.
• Mechel-AO: RUB 5.0 billion.
• Norilsk Nickel: RUB 3.7 billion.
• Yandex: 2.4 billion rubles.
Ordinary shares Sberbank in 6th place with 2.2 billion rubles. turnover, Gazprom even lower – 1.1 billion rubles.
High investor activity in stocks VC is associated with the resumption of trading in securities after a pause since September 19. The suspension of trading was due to the exchange of receipts for shares as part of redomiciliation.
Market participants’ interest in shares Mechela has been maintained since yesterday – on Thursday the securities took first place in terms of trading turnover, which happened extremely rarely. Specific drivers for such strong growth did not appear. At the same time, the movement looks fundamentally justified, given the generally favorable conditions on the coking coal and steel markets and the persistence of a relatively weak ruble exchange rate.
Activation of buyers in Nornickel, is likely due to an extended period of low stock volatility. The stock has lagged behind the indices since the beginning of the year amid lackluster price movements for key metals and the refusal to pay dividends for 2022.
The growth of shares is justified; the securities remain cheap relative to fair levels. The main medium-term driver for the stock is interim dividends. The company noted that if conditions are favorable, it may resume payments. Information on this issue may appear in the next couple of months.
Increased activity in Yandex remains the same as the day before. The trigger for increased interest in the paper could be news about legal reorganization. The deal to divide Yandex’s business into Russian and international is a key point in the company’s case. The reorganization may be perceived by the market as a step towards completing the transaction.
The fundamental view on Yandex shares is positive; the company shows high revenue growth rates. The completion of the separation and the emergence of greater clarity on development prospects could become strong drivers for the revaluation of securities.
BCS World of Investments
2023-10-20 09:28:13
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