Mar
26
Daily Russian Stock review - March 26, 2009
Filed Under Trader’s view |
On Wednesday the trades at the Russian share market indicated high volatility. During the day the whole specter of liquid shares performed various dynamics. In the morning the negative background was won back via reduction by 1.3% of the RTS index. By noon the Russian indicator closed morning correction and went positive together with Europe. Metallurgy sector was worse than the market, similar to yesterday. The most pressure came from Norilsk Nickel due to anxiety over the possible claims on behalf of the state authorities, and also from NLMC versus the weak financial report for 2008. Positive was provided by the consumer sector, which was warmed up by the good report by Magnit for 2008, and also by the buyback by Wimm-Bill-Dann of its own shares from the market. Bank sector was good also on the news from Kudrin on VTB and Sberbank intending to payoff dividends for 2008. Besides, the activity was indicated on the shares of Gazprom Neft, which was due to the news on Gazprom buying a portfolio from Italian Eni at the expense of state banks’ credits. Besides all the above-mentioned companies, support to the RTS index was provided by the shares of Uralkaliy at the background of news on upping of principal production. In the afternoon the investors drew they attention to the U.S., were an unexpectedly positive stats came out on purchasing goods of long-term use and selling new houses. Due to that by the end of trades the RTS index rushed 1.4% up.
Main Russian Stock news
WGC-5 reported according to IAS for 2008.
Sales from principal activity of WGC-5 totaled 1,721 mn USD, which is by 31% higher than the estimate of the previous year.
Other Russian Stock news
Ø Mosenergo reported by RAS for 2008.
Sales of Mosenergo in 2008 reached the level of 3,811 mn USD, which is by 24% higher than the estimate of the previous year. Sales growth was due to upping of power energy productive supply, distribution tariffs upping for power and heat energy, and also due to increased level of competitive prices at the wholesale market of power energy.
Ø New forecasts on Norilsk Nickel.
According to Vedomosti, the sales of Russian enterprises of Norilsk Nickel totaled about 11 bn USD in 2008, EBITDA formed 6.5 bn USD according to the provisional data.
Ø Moody’s reduced rating of Fesco to “B3” from”B2”, forecast – negative.
Moody’s, the international rating agency, reduced the corporate rating of Far East Ocean Company, JSC (Fesco) to “B3” from “B2” and the rating of default possibility to “Caa1” from “B3”.
Daily Russian Stock review - March 26, 2009 (PDF)