Apr
18
Daily Russian stock review - March 20, 2009
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Russian Stocks -
Market today. Trades were volatile on Friday. On one hand the positive still remains, but on the other – the market is seriously overheated. Sberbank was dropping – 25% growth on Thursday was lost and correction took place. Metallurgy companies were upping, the ones that produce non-ferrous metals, due to international conjuncture.
Market tomorrow. We still assume the market is overheated and has all it takes to fall.
Russian Bonds
Market today. The domestic market end the week optimistically. The money continue dropping in price. REPO rates reduced lower than 9-10% annually. Mainly A1 list notes were purchased. Including Transcred-1, X5-1, Ursa-5, Ursa-7, Mos. Oblast (4th, 7th and 8th issues), UralsibLeasing (1st and 2nd issues). Still municipal notes were demanded, possibly due to managing companies. At the Eurobond market ruble bank issues are still hunted down. Friday only several notes got more expensive by 1 p.p. (Ursabank).
Market tomorrow. Monday the market will face a new wave of rubles, though next week the banks are supposed to give CB more, than they can attract from it. Partually the bond market will be supported by currency market conjuncture, which indicates dollar weakening.
Russian Stock and Bonds with No comments
EU agreed on doubling IMF budget and support to Eastern Europe states.
VTB plans to cover the subordinated credit on behalf of assets, attracted in course of additional emission. (Interfax)
International production of steel reduced by 22% in February. (WSA)
International production of aluminum dropped 6% in January-February. (IAI)
Shuvalov is against delay of deadline to RusAl on VEB’s credit of 4.5 bn USD payoff. (Interfax)
MMC covered debt to Lebebinskiy OMPE for the supplied ore. (Interfax)
Renault does not intend to provide AvtoVAZ direct financial support. (Interfax)
Creditors of GAZ are satisfied with the enterprise restructuring program.