Top 10 stocks of the quarter in the new exchange paradigm. RBC rating

In the context of sanctions, rising rates and falling indices, some papers showed significant growth.The ten most expensive stocks of Russian companies in the review of "RBC Investments" "Akron" AKRN₽21 190 -7,87% Buy Rusgrain RUGR₽17 -11,06% Buy PhosAgro PHOR₽7 400 -8,02% Buy

In the first quarter of 2022, the Russian stock market   experienced a serious collapse. On February 24, the Moscow Exchange index showed the largest drop in its history. During the trading session, the index fell by 45.49% relative to the previous close. At the end of the session, the indicator lost more than 33%, dropping to 2058.12 points. The next day, February 25, the fall was partially won back - trading ended at 2470.48 points (+20%).

The largest collapses of the Moscow Exchange index

After that, investors left for the weekend, during which it was announced that some Russian banks were disconnected from SWIFT and that the external gold and foreign exchange reserves of the Bank of RUSSIA were blocked. On Monday, February 28, trading in the stock section of the Moscow Exchange was not opened by decision of the Central Bank. Transactions with shares of national issuers were not carried out for almost a month and started only on March 24th.

According to the results of the first quarter, the Moscow Exchange index lost 28.6% (2703.51 points). However, despite the drop in the index, some stocks showed gains even at this time. Moreover, the growth of leaders was stunning.

First quarter growth leaders

The top ten stocks of the quarter gained an average of 36.3%. At the same time, the closing top-10 shares of the Pozitiv Group grew by 18.6% over three months. And the best securities of the quarter were the shares of Akron. Quotes of the fertilizer producer have grown during this time by 86.1%.

The most expensive Russian stocks in the first quarter

By the way, out of the ten most expensive stocks of the quarter, five securities are directly related to agriculture. In addition to Akron, these are the shares of fertilizer producers PhosAgro and Kuibyshevazot. The latter has preferred and common shares in our top. And the papers of the grain holding "Rusgrain" took second place. Moreover, the growth of quotations of these securities was observed after the resumption of trading in March. Interest in agricultural stocks can be explained by record growth in grain prices and an increase in fertilizer EXPORT quotas.

Fertilizer Stocks Jump On Increase In Export Quotas Agroprom , Trade ,  Russia

The growth of quotations for the shares of fertilizer producers was also manifested in the dynamics of sectoral indices. The Chemistry and Petrochemistry Index, in which the shares of PhosAgro, Akron and Kubyshevazot have a significant weight, is the only sectoral index that has entered the “green zone” of growth.

Changes in sectoral indices of the Moscow Exchange in the first quarter

Special cases

The upward movement of quotes of other securities of our top has its own separate reasons. Quadra's shares rose in price after the announcement of the upcoming purchase by Rosatom of 82.47% of the energy company's shares.

Quotes of Solikamsk Magnesium Plant were supported by the company's generous dividends, which ensured a 20% payout yield even after significant growth, and the register was closed on April 1.

Interest in the shares of the Irkut aircraft building corporation can be explained by the expectations of orders from domestic airlines, at a time when foreign aircraft manufacturers and lessors announce the termination of cooperation with Russian partners.

Increased attention to cybersecurity may also support interest in the shares of the Pozitiv Group. The growth of the company's quotes was also observed after the resumption of trading in March.

Without significant visible corporate events, the preferred shares of Izhstal, which are part of the Mechel Group, went up in price. The information disclosure server contains information about significant transactions during the quarter in which the other party is the parent company. But there is no reason to think that these transactions could be the reason for the growth of preferred shares of Izhstal.

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