Stock market review for February 8, 2021: Oil continues to help

The week ended with growth. Rusolov shares (ROLO 11.10, -4.15%) continued their correction. Ozon shares (OZON 4,446.0, +6.22%) were the leaders. USD/RUB dropped below 75 for the first time since the end of January amid a rise in oil prices to almost $60 per barrel.

The court granted the claims to (GMKN 25,324, -1,77%). Market reaction was negative: the company's shares were among leaders of fall. However, we believe that the news was not a surprise for investors. The company set aside a considerable amount of funds for settling environmental claims. The profit of the company by the year end may amount to $4.59bn, not including the fine. The probability that the claim against the company will be satisfied in full has already been built into the quotations. They were not only among the first to recover, but also made a new high. The payment will certainly affect the amount of the annual dividend, but it will not reduce it in relation to EBITDA. Year-end target: 26,400 rubles.

(SBER 271.55, +0.53%) increased its share in the deposit market. This can be explained by the weakening interest in deposits in general, but the outflow is mainly from other banks, as SBER depositors are very loyal and conservative. Funds of individuals decreased by 2.8%. The Central Bank is likely to keep its key rate on Friday. This will help reduce the rate of outflow of deposits from banks. However, the problem is not acute. The amount of individuals' funds (not just deposits) exceeds 25 trillion rubles. On January 1, this volume increased by almost 2 trillion rubles.

(ROSN 492.85, -0.75%), spec. buy, target: 520 rubles. The growth driver is the dynamics of oil. Brent reaching the level of $60 may become a reason for the return of quotations to the levels of the previous maximum.

We expect multidirectional dynamics. The market will follow the movements on the external commodity and stock markets. En+ (ENPG 747, +0.34%), RusAl (RUAL 35.34, +0.11%) and Mother and Child (MDMG 463, -0.75%) will publish their fourth quarter results. Forecast on the pair USD/RUB: 74.00-75.00. Benchmark for the Mosbirch Index: 3350-3400 points range.