Morning Note /

Alfa Morning Bulletin: 28 March 2022

  • Export names well bid among Russian stocks

  • Markets slump on Chinese lockdown, hawkish monetary policy and Ukraine

  • Limited trading resumes for all Russian stocks from today

28 March 2022
Published byAlfa

Export names well bid among Russian stocks: Trading resumed in Russian stocks last week. On Friday the MOEX Russia Index closed 3.7% lower at 2,484.13 and the RTS Index conceded 2.7% to 829.62. Ruble strengthened 1% vs dollar to 96.00 and gained 1.7% vs euro to 105.00. Export names in the fertilizer, energy and metals & mining sectors have been well bid – particularly PHOR, ROSN, NVTK, TATN, GAZP, RUAL, PLZL, ALRS, GMKN.

Limited trading resumes for all Russian stocks from today: The outlook at the start of the week is gloomy, with global cues not very supportive as Shanghai goes into lockdown and no good news coming out of Ukraine. There is also a very strong outbreak of Covid across Europe, with signs of stronger symptoms than the Omicron wave of earlier this year. Eurozone inflation is expected to hit a record high, with releases due in the second half of this week. China’s PMI on Thursday is expected to show a weak economy outlook. US inflation data is due on Thursday and the March jobless claims are expected on Friday. On the Russian front, talks with Ukraine are set to resume in Turkey this week. Its unlikely there will be any major breakthroughs with Ukrainian President Zelensky changing his demands from day-to-day. Looking ahead to today, US stock futures are pointing lower while Europe futures are pointing to a slightly higher open. Oil prices are trading lower this morning as traders take note of the Covid lockdowns in China. Russian stocks have opened sideways this morning and the ruble is continuing to strengthen. This morning limited trading resumes for all Russian stocks. To remind, last week trading was limited to 33 liquid names.


Russian imports by all transport modes fell by 62% - NEGATIVE