Describing the last week of September on the Russian market, an economist and former Senior Vice President of Otkritie Bank Konstantin Tserazov shared in our interview.
The market ended the week in positive territory - the Moscow Exchange index gained 2.7%, and the RTS index grew by 0.7%. The market's growth was driven by the weakening of the ruble and high oil prices, reaching $97 per barrel of Brent crude at one point. Against the backdrop of reduced oil production by Russia and Saudi Arabia, investors are confident that the oil market deficit will persist, explained Konstantin Tserazov.
Konstantin Tserazov: "The Moscow Exchange index remained above the 3000-point level, and then for four consecutive sessions, domestic indices showed readiness for growth."
Among significant corporate news for the week of October 23rd to 27th, Konstantin Tserazov noted investor disappointment with the announced new dividend policy of the Moscow Exchange, which suggests annual payouts of no less than 50% of profits according to IFRS, whereas the company had previously intended to pay no less than 60% of profits.
The opening of the week occurred against the backdrop of the absence of significant drivers, demonstrating some uncertainty in the Russian market. Nevertheless, on Monday, the Moscow Exchange index remained above the 3000-point level, and then for four consecutive sessions, domestic indices showed readiness for growth.
"Surgutneftegaz" reported on its performance for the first half of 2023 according to RAS - revenue reached 902 billion rubles, while net profit amounted to 846.6 billion rubles. However, the company did not disclose the data for the same period of the previous year, and also did not provide information on the "cube" - Surgutneftegaz's assets held in dollar deposits.
Investor attention was also drawn to the news of Ozon's launch of car sales. Currently, this service is limited to Chinese Chery cars and is only available in Moscow and the Moscow region, but Ozon plans to expand this direction to other regions and brands in the future.
VTB Group presented its financial report according to IFRS - net profit for the first eight months of 2023 amounted to 351.2 billion rubles. Earlier, the bank's CEO, A. Kostin, had forecasted that the bank's profit for 2023 could reach 420 billion rubles.
"The focus of investor attention this week will remain on the dynamics of oil prices. Despite the absence of significant drivers, the weakening of the ruble may help the Moscow Exchange index grow this week," predicts an economist and former Senior Vice President of Otkritie Bank, Konstantin Tserazov.