Aug
21
Russian stock market of Wednesday began restoring after latter fall. The growth, started earlier in the morning continued throughout the day. The resulting RTS made it atop 1700 points. Market’s growth was supported by ongoing decrease of tensions over Caucasus. Some support of RTS has been formed by stocks of oil & gas companies, reacting upon the price of oil adding +3.25 USD (Brent) by the end of Russia’s trades. MMK’s report brought made no hustle over metallurgy sector, as figures were rather expected. Plant’s own stocks have demonstrated considerable growth at MICEX and zero dynamics over RTS.
RTS of the day added +1.66% and closed at 1713.5 points. The top support has been formed through stocks of LUKOIL (+3.74%), Gazprom (+1.93%) and Norilsk Nickel (+3.96%). Some downward dynamics upon the index were sprayed by stocks of Open Investments (-1.82%), RBC (-2.61%) and Raspadskaya (despite of +0.86% growth).
RTS classic market’s turnover of Wednesday has formed 47.7 mn USD. Wednesday’s top three volumes were achieved by stocks of Sberbank (12.6 mn USD), Gazprom (9.8 mn USD) and LUKOIL (8.8 mn USD).
We assume that positive external factors may prove a further restoration of Russian stock market, following such a considerable decrease. The situation throughout stock markets and positive closing of foreign grounds could help out RTS today, which is set to rise +1-1.5% today, in our opinion.
Main Stock events
NOVATEK to redeem GDR.
NOVATEK has begun redeeming its GDR off London stock exchange, says company’s statement, Interfax reported.
Other Russian Stock news
Gazprom Neft: operating results for January-July 2008.
On July 2008, Gazprom Neft increased oil export in far abroad countries by 39.5%, to 1.472 mn tons vs July 2007, state company’s materials.
MMK’s income increased by 19% under US GAAP report.
Over January-July, Magnitogorsk Iron & Steel Works’ net income formed 1.031 bn USD under US GAAP report, above 2007 results by 19%, says company’s report, published on Wednesday. MMK’s revenue increased by 41%, to 5.653 bn USD over 1H 2008. EBITDA reached 1.5 bn USD (25% growth).