Aug
12
Daily review - August 12, 2009
Filed Under Trader’s view |
Tuesday became another day of fall at the Russian share market. At that on Tuesday there were some reasons for such drop. First negative came from the statement by Rosstat on GDP dynamics in Russia in 1H 2009, which has, choosing words carefully, “dropped”. That might have been the catalyst of the drop. Besides, the market was constantly alarmed by ruble, which weakened by about 1% versus the bi-currency basket, which also might be related to the sad estimates and prospects of the Russian economy. Besides, within the last trading hours in Russia the oil prices worldwide began lowering, which has added fuel to the flames and the quotes slipped even more significantly. Due to the given factor the whole oil-and-gas sector looked worse than the market. However, the companies within the other branches also did not manage to show any significant upping. We should outline MTS, which satisfied the investors with its good half year report.
Main news
MTS: improvement due to seasonal factors.
Sales of MTS, JSC in 2Q 2009 by US GAAP formed 2.02 bn USD versus 2.6 bn USD within the similar period a year before. The net profit dropped from 659 mn USD to 563 mn USD. Such information is provided in the message of the company.
Other news
Ø Export duties for oil will be upped from September 1 by 7.4%.
The oil export duty in Russia might be upped by 17 USD to 237-241 USD per ton from September 1, stated the deputy head of the department of custom duties of RF Ministry of Finance Alexandr Sakovich, imparted Interfax. We would like to remind that from August 1 the duty forms 222 USD per ton.
Ø Severstal upped the share in HighRiver Gold to 61.7% by the results of the shares buyback.
Severstal-Resource, the commodity division of Severstal, completed the buyback of shares from the minorities of High River Gold, having built up its share in the company to 61.7%. Before the offer the share of Severstal in the capital of HighRiver formed 57.3%. The buyback of shares has been conducted via the subsidiary of Severstal-Resource – Lybrica Holding. Though the number of holder that accepted the offer lower than required for the complete buyback of the company, Severstal is satisfied with having improved control in the company to 61.7%.