Deposit rates, day off on the stock exchange, Fitch ratings: investor's digest

Weekends on the Moscow Exchange and St. Petersburg Exchange. Top 10 rates on deposits and savings accounts. Fitch downgraded the ratings of 26 commodity companies and 32 Russian banks. notable events, How Russian exchanges work in the coming days The Moscow Exchange will not trade in all sections on March 5, 7 and 8, the trading floor announced on its website. March 6 is a national holiday. SPB Exchange plans to start trading in securities in the main trading mode on March 7 not earlier than 17:00 Moscow time. The site will publish information about the exact start time of trading, trading modes and available groups of instruments for making exchange transactions on the official website, the site said.

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Top 10 rates on deposits and savings accounts

The average rate of the 54 largest depository banks on deposits for a period of one year in the amount of ₽100 thousand as of March 5 is 9.14% per annum, according to the FRG100 index.

The most favorable deposit rate as of 03/05/2022 is 25% per annum.

Top 10 banks with high effective rates on deposits and savings accounts as of 03/05/2022:

"Renaissance Credit" - up to 25%; "SKB-bank" - up to 25%; Sovcombank - up to 25%; Novikombank — up to 25%; "Bank Soyuz" - up to 24.90%; VTB — up to 24%; Moscow Industrial Bank - up to 24%; Promsvyazbank — up to 24%; Bank "Orange" - up to 24; "Solidarity" - up to 24%.

Source: Banki.ru financial marketplace (the effective rate is calculated according to the Banki.ru methodology and is not an offer, detailed conditions are in credit institutions).

Sanctions are other important developments. The main thing for the past day, Singapore imposed sanctions against Russia. Banks VTB, VEB.RF, Promsvyazbank and Rossiya Bank were subject to restrictions. Singaporean companies cannot carry out any transactions with these financial institutions or have any business relationship with them. The international rating agency Fitch Ratings has downgraded the ratings of 26 Russian mining companies and placed them on the list for review with the possibility of downgrading. The list includes Gazprom, Tatneft, NOVATEK, LUKOIL, Bashneft, Severstal, NLMK, MMK, Norilsk Nickel, Rusal, ALROSA and others. Fitch Ratings downgraded the ratings of 32 Russian banks and placed them on the list for review with the possibility of downgrading. In particular, the rating action affected Sberbank, Alfa-Bank, Tinkoff Bank, Gazprombank, Raiffeisenbank and Home Credit Bank. Trading in securities of eight more Russian companies has been suspended in London. Thus, the London Stock Exchange stopped trading all GDRs of Russian issuers.

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Russia's retaliation Russian President Vladimir Putin expanded a law allowing the seizure of foreigners' assets. The law provides for restrictions for violating the rights and freedoms of Russians. If US citizens were previously subject to it, now it applies to all foreigners. The State Duma on Friday, March 4, adopted a law allowing the placement of funds from the National Wealth Fund (NWF) in government securities and shares of Russian companies. The National Settlement Depository (NSD), which is part of the Moscow Exchange group, has suspended operations with the euro, British pound sterling, Swiss franc and Canadian dollar. The depository stated that the restrictions were imposed “until the necessary information is received on the conditions for processing information flows by correspondent banks of NSD.”

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The State Duma adopted a law on the abolition of the tax on the purchase of gold for individuals. Russian citizens will no longer have to pay 20% VAT when buying gold bars. The Moscow Exchange introduced a ban on short sales in euros in the currency and stock sections. The Russian president signed a law providing for administrative liability for calls for sanctions against Russia. In case of repeated violation - punishment up to three years in prison. President Vladimir Putin signed a law criminalizing the public dissemination of fake news about the use of the Russian Armed Forces.

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Ruble

The ruble in the Forex market fell significantly following the results of the trading session on Friday, March 4. The dollar rose against the Russian currency by 13.1% to ₽124.088. The euro rose by 10.7%, amounting to ₽133.952.

On the Moscow Exchange, the US currency fell by 0.96% to ₽105 by the end of the day. The euro strengthened by 1.18% to ₽118.9925. During the trading session, the European currency updated its historical maximum, reaching ₽125.9675, but then bounced down.

The driver for the strengthening of the ruble could be the news that the third round of negotiations between Russia and Ukraine could take place on Saturday or Sunday (March 5-6), believes Dmitry Babin, an expert at BCS World of Investments. Earlier it was assumed that the negotiations will take place early next week. The possibility of a meeting of the parties on March 5 or 6 was announced by Mikhail Podolyak, adviser to the head of the office of the President of Ukraine.

financial statements

Mosenergo : 2021 IFRS financial results.
Sberbank : RAS financial statements for February 2022.

How the previous trading session ended S&P 500 : 4328.87 (-0.79%) Dow Jones Industrial Average : 33,614.8 (-0.53%) NASDAQ Composite : 13,313.44 (-1.66%)