Aug
12
Daily review - August 11, 2009
Filed Under Trader’s view |
The new trading week began at the Russian market with moderate drop of quotes, which totally comes into the frames of correction motion after growth during the last week and the week before. However, the most part of the trading session the market managed to trade at the levels, close to Friday levels, and only in the afternoon the market started going down by higher rates. Nevertheless, no significant negative moments were indicated at the market. If only outlining the statement by Mark Mebius on the possibility of large scale correction at the global markets. The representatives of the oil-and-gas sector, which might have been related to weak lowering of the oil prices, looked worse than the market.
Main news
Mechel-Mining in 2Q 2009 reached the profitable level.
Mechel-Mining, JSC (consolidates the mining segment of Mechel group) gained 1.269 bn RUR of net profit by the results of operating in 2Q 2009, imparts the message of the company. The company relates gaining profit also to the overestimation of the subsidiaries’ securities. Within 1Q 2009 the loss of the company totaled 487.426 mn RUR, in 4Q 2008 – 68.32 bn RUR, in 3Q 2008 – 58.1 bn RUR.
Other news
Ø VMZ upped the LDP in July by 27%.
Viksa metallurgy plant (included in United metallurgy company, CJSC) upped the output of large diameter pipes by 27.4% in July versus the similar month of the previous year, to the level of 74.975 thousand tons. According to the message of UMC, by the results of January-July the output of LDP formed 538.637 thousand tons (growth by 28%).