Index of the Moscow Exchange, OFZ index, Magnit shares: investor digest

Mobiri Index

The index of the Moscow Exchange (IMOEX) following the results of the main trading session on Monday, September 28, decreased by 1.2%, to 2246.30 points.

According to the expert of “BCS World of Investments” Mikhail Seltzer, on Monday the negative Friday dynamics of the benchmark continued: losses for the full session amounted to more than a percent. The turnover is moderate – only ского70 billion, and there is no aggression of sellers, but there is not enough consumer demand for securities, he adds.

Among the pressure factors, the analyst distinguishes indistinct signals from the external circuit and the announcement of a tax increase. According to him, although the geopolitical process is restarted and high-level consultations are underway, stock exchanges do not see progress. Therefore, the risk premium in Russian financial assets expanded again, which provoked a fall in stocks. Fiscal tightening of the metals sector and their production reduces the investment attractiveness of the industry’s shares.

On the morning of Tuesday, September 29, IMOEX, according to 7:53 MSK, grows by 0.23% compared to the level to the close of trading on Monday, to 2251.56 points.

OFZ index

The index of government bonds of the Moscow Exchange (RGBI) decreased by 0.4% following the results of trading on Monday, September 28, to 111.69 points. This is the minimum level since July 20 this year, when the market was pessimistically preparing for the meeting of the Bank of Russia at the key rate. Analysts predicted its preservation at the same level, which put pressure on the prices of government bonds.

“Despite the relatively good news background for the bond market, the intensification of OFZ purchases is still not recorded due to significant uncertainty and increased pro-inflationary risks,” said Dmitry Gritskevich, head of analysis of banking and financial markets at PSB.

The government bond index is declining against the backdrop of growing expectations of market participants to tighten the monetary policy of the Central Bank, said Oleg Abelev, head of the analytical department of the investment company Ricom-Trust.

“The likelihood that the key rate will again remain unchanged due to the new budget parameters is growing. And against this background, of course, bond prices continue to decline. Until mid-October, we expect further movement of the RGBI index down, possibly even below the 110 point mark.

Magnit shares

Shares of Magnit (MGNT) fell by 4.11% at the end of trading on September 28, closing at ке1563 per share. At the minimum, quotes fell to е1511 per share, which is 7.3% lower than Friday’s close.

The reason for the fall was the report that the subsidiary of Magnit - JSC "Tander" - extended the repo contract until April 2, 2027. It was originally scheduled to expire on October 2, 2026. In this case, the 3.8 million shares in the repo would be returned to Thander JSC.

“Investors traditionally expect that the contract will not be renewed, and the offer will be put on paper,” analysts of the Market Power project noted. However, this did not happen, which put pressure on the stock.

According to the estimates of the chief analyst on financial markets of the investment company "Vector Capital" Alexei Golovinov, based on the weighted average price over the past six months, the price of the offer of "Magnit" could be about м1955 per share, which is more than 20% higher than current levels.

Dividend gap

Ozone Pharmaceuticals: Dividends per share – 0.49. Payment date is October 13.

Corporate events

The Moscow Exchange begins trading with an estimated futures for the Key Rate Index. The code is KEYRATE. Gazprom Neft: VOSA. The agenda includes the approval of dividends for the first half of 2026 (е42.51 per share). "Boyer": SAI. The agenda includes the approval of dividends for the second quarter of 2026 (е4.86 per share). VTB: financial results under IFRS for 8 months of 2026.

Other important developments

The Bank of Russia will publish an information and analytical commentary “Inflation expectations and consumer sentiment”. IX Banking Forum "Treasury - 2026". To participate are invited: Deputy Finance Minister Vladimir Kolychev, Deputy Chairman of the Bank of Russia Alexei Zabotkin and others. USA: weekly crude oil reserves according to API - 23:30 GMT.