Analysts called Russian shares "insurance against global inflation"

The Russian market offers "good insurance against accelerated global inflation": "blue chips" are undervalued, and dividend yield is one of the key pillars of the market's attractiveness. Aton analysts write about this in their strategy for 2022, which was studied by RBC.

“The recent drop of 15% in the RTS Index from its peak in the fourth quarter of 2021 due to the resumption of covid risks is an opportunity for new market momentum. We see upside potential of 20-30%, to around 2,000 points for the RTS index in 2022,” the authors note. In their forecast, they believe that the current fourth wave of COVID may be the last.

At its peak in October, the RTS index (calculated on the basis of the DOLLAR price of Russian shares) exceeded 1900 points. By December 8, it fell into the range of 1612-1670 points amid the spread of a new strain of CORONAVIRUS and news of tensions on the border with Ukraine.