The Russian stock market is expected neutral dynamics on the background of divergent dynamics of the most liquid securities

The main theme of yesterday's auction - the consolidation of the major indexes post significant reduction in the first half of this week against the backdrop of significant volatility of the summer (RTS index - minus 0.54%, the index of MICEX - minus 0.93%). The modest growth in world oil prices in the first half of the trading has helped quite a modest increase MICEX index against the backdrop of divergent dynamics of the most liquid securities. But the positive discovery of America did not save Russia's major indexes to moderate reduction of the closure as testing the world's oil prices local level, 2-ooh monthly support. The main contribution to the growth indices of the first half of the day provided the Lukoil shares, intraday rise of more than 2-ooh percent, and lost the entire morning gains by the end of the day. As a result, the projected differently intraday dynamics, mostly modest declines in the closure of major blue chip (Gazprom - minus 1.03%, Lukoil - 0.08%, Nornikel - minus 1.14%, Sberbank - minus 0.39%, Rosneft - minus 0.75%, Surgutneftegaz — minus 1.6%, VTB - minus 1.49%). In general - Consolidation in the absence of external and internal drivers of growth, but in the presence of unutilized capacity of short-term decline.

Today frozen, emerged in the morning a neutral external background suggests moderate, divergent dynamics of the most liquid securities in the open, but it is very likely reduce the dominance of at least the first half of the tenders. Flat, lacking any focus on the dynamics of world stock and commodity platforms, lack of investment ideas, the lack of drivers for growth. Thus, without significant changes after the optimistic start - the closure of major U.S. indices yesterday (DJI - 0.06%, NASDAQ - 0.31%, S P500 - 0.35%), but moderate the negative dynamics of futures on major U.S. indices today. Considerable volatility. Shares of Alcoa, an increase in America at the opening (an increase of shares amounted to more than 5%), finished bidding declining 2.43%. Most decline the previous day - shares of banks - became the leaders of yesterday's growth. At the end of the day, shares of Citigroup rose by 2.67%, shares of JPMorgan - to 2.78%, shares of Bank of America - at 1.1%. Out of interest today will present a preliminary assessment of the consumer confidence index for July from the University of Michigan and the trade balance for May.

Mixed, stagnation, the dynamics - in the stock markets of Latin America (Mexico - 0.7%) and Asia (Japan - minus 0.04%, Korea - minus 0.17%, China - minus 0.05%, Taiwan - 0.32%) .

consolidation around the level of local support for 2-ooh months old $ 60 - on the world oil market yesterday, flat trend in the auction in Asia today. August futures price of oil brand Brent on the results of yesterday's auctions has increased by 0.67 to 61.1 dollars after a minimum 59.76 intraday. In Asia, prices declined by 0.2 dollars, suggesting further consolidation around the $ 60 level. In the event of breakdown at this level - the movement to support U.S. $ 55 is inevitable.

A mixed trend after a significant reduction on the previous day - in the market the main base metals. As a result of yesterday's auction at the LME, three-month futures price of nickel declined by 0.33%. Copper price increased by 3.86%, and zinc - to 1.32%, lead - to 1.55%.

flat trend - in the ADRs of Russian oil and gas stocks in the U.S., but a significant negative discount relative to the closing prices of shares on the RTS on 9 July. Gazprom - minus 1.42%, Lukoil - minus 2.63%, Surgutneftegaz - minus 1.28%.

The Russian equity market neutral dynamics is expected to open the main indices on the background of divergent dynamics of the most liquid securities. It is very likely slip down to the level of sustainable local support (850-865 points on the main index RTS and MICEX, respectively) in the absence of any driver of growth at least in the morning. The dynamics of the close - depending mainly on the stability of world oil prices, gaining a higher level of 60 dollars per barrel of oil varieties Brent. The decline in world oil prices continue to put pressure on the Russian ruble, which in turn affect the dynamics of the shares of banks. A very weak trend in global oil prices and yesterday's test of $ 60 will be pressure on the shares of oil and gas sector, where yesterday's growth leader - Lukoil shares - now may become a leader in decline. In general, the former short-term outlook - a further drift to levels of 850-865 points on the RTS and MICEX indexes, respectively, with intermediate positive rebound. The previous year forecast. Preservation of significant potential negative correction in the broad consolidation in the lower boundary of 760 points.

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