May
26
Daily Stock market review - May 26, 2009
Filed Under Trader’s view |
On Monday the Russian share market continued moving following the commodity markets. Along with that against the background of holidays in the U.S. and UK the trades were dull. Besides, the market felt like very overbought – due to that technical factor the volatility was not so high and the markets climbed very unwillingly. The investors mainly sold the shares of oil companies. The oil price drop, somber forecasts of Gazprom’s operating estimates – all those factors might have been the reasons for the investors’ leaving those shares. Also Norilsk Nickel’s quotes’ slipping was indicated – the company summed up the results of the previous year on Monday by IAS, having showed serious loss, which might have been a reason for lowering.
Main Stock news
Norilsk Nickel closed 2008 with net loss by IAS and lowered production forecast for the current year.
Norilsk Nickel closed 2008 with net loss by IAS in the amount of 555 mn USD versus the net profit of 5.276 bn USD in 2007. The main reason for closing last year with loss was devaluation of the company’s assets, the sum total of which formed 4.728 bn USD.
Mosenergo reported by IAS for 2008.
Sales of Mosenergo in 2008 reached 3,812 mn USD, which was by 24% higher than the estimate of the previous year. Sales growth was provided by upping of productive supply of energy, growth of tariffs for electric and heat energy, and also upped level of competitive prices at the wholesale market of power energy.
Other Stock news
Ø Bashneft will direct 92% of net profit to dividends.
Board of Bashneft’s directors, the controlling portfolio of which in early April was bought by AFK Sistema, recommended the holders to approve the dividends by the results of 2008 in the amount of 48.82 RUR per common and preferred share.
Ø TMK might lower by one third the dividends for 2008, plans to refuse from intermediate dividends in 2009.
Pipe metallurgy company (TMK) might payoff 1.44 RUR per share as dividends for 4Q 2008. The respective amount of dividends the board of directors recommended the holders to adopt at the annual meeting on June 30. Besides, currently TMK does not plan paying the intermediate dividends in 2009.
Daily Stock market review - May 26, 2009 (PDF)