Stock market overview for June 7, 2021

Trading dynamics was multidirectional. held above the psychologically significant mark of 3,800 points. The leaders of growth were common and preferred shares of Lenzolot (LNZL 26,360, +40.14%) on the news about dividend recommendation. The securities of BELUGA GROUP (BELU 2,684, -5.76%) were the outsiders. The reason was also corporate news. The USD/RUB pair finished the session below 73.00 for the first time since mid-March.

The ruble continues to strengthen. The main reason for this is the increase in oil quotations to $72 per barrel against the background of forecasts of growth in global demand for black gold. In addition, the news of the FNB's rejection of the dollar did not put pressure on the market. Representatives of the Central Bank at the economic forum disclosed important information ahead of the regulator's meeting: it is considering raising the key rate within 0.5 percentage points (p.p.). But we believe that it will amount to 0.25 p.p. Such a decision of the Bank of Russia will spur demand for industrial and consumer goods, as well as strengthen inflation expectations. The rate of price growth until the end of the year will exceed the yield on ruble deposits. However, there will be no frenzied demand for foreign currency, more interest will be shown in stock market instruments. On Monday, the CPI statistics will be released, as well as foreign trade data will be published in the coming week. The dynamics of these indicators will influence the national currency rate. In our opinion, in June USD/RUB pair will trade in the range of 72.50-74.50.

(AFLT 71.32, +0.25%), spec. buy, target: 80 rubles. Expansion of flight geography due to opening of some tourist destinations may become a driver of quotes growth.

We expect multidirectional dynamics. Pair forecast: range 72.50-73.50. Moscow Exchange index benchmark: 3780-3830 points corridor.