Stock market review for June 23, 2021
Nordgold to postpone IPO. Previously, the company was expected to go public again in June-July, but the IPO was postponed. The management has not yet set a new possible timeline. It is not excluded that such a decision was caused by a decline in gold prices and prices of other sector issuers. This is the second time this year Nordgold has postponed its IPO, but we believe the two seemingly similar events are unrelated. It is possible that the preliminary estimate was not to the satisfaction of the main shareholders in the course of preparations for the IPO. No less likely is another reason: against a background of high volatility of gold prices the attractiveness of the IPO both for investors and the company itself decreased. In addition, interest in Russian assets on the LSE is now lower than before, and some issuers, for example LSR, reduce their foreign listings. There is still demand for commodity securities on the market, and in our view, it will even strengthen in the second half of the year.
(GAZP 276.09, +1.27%) could soon hit a new high. The price of gas in Europe reached $336 per thousand cubic meters amid high temperatures and low stocks in storage, while oil is trading near $75 per barrel. In Russia, a 3% increase in gas prices is expected in July. The mentioned factors cause the growth of Gazprom stock price, which in the nearest future may renew the previous maximum and soon reach the psychologically significant mark of Rb 300.
(OZON 4243.0, +0.25%), spec. buy, nearest target: 5,000 rubles. The growth driver for these securities is high consumer demand for goods on the background of unsuccessful tourist season.
We expect mixed dynamics. On the local market, the focus is on the OFZ auction. USD/RUB range: 72.50-73.50. Benchmark for the Moscow Exchange Index: 3780-3800 points.