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Such record fall as this Tuesday RTS had not experienced for a decade, since early 1998, when index lost -14% in just one day. Yesterday’s collapse can now be legitimately called The Black Tuesday. Crumbling influenced all of stocks yesterday. The list of fastest dropping stocks was topped by oil, energy and banking sectors. The market itself was overwhelmed with bad news coming from abroad. Lehman Brothers bankruptcy, downgrade of AIG’s rating, purchase of Merrill Lynch by Bank of America give birth to all new rumors regarding the future of the financial sphere, new bankruptcies and the future of AIG, world’s biggest insurance firm. At 16:00 Goldman Sachs published its 3Q financial report, beating market expectations. Backed by the news the index hiked upwards, although not for long. Then the slight growth shifted downwards, to hit another lowest. The financial crisis hits the commodity sector hard as well. During the day, the price of oil has been reduced below 90 USD. Yesterday we have witnessed another unbelievable event, due to a more than -10% fall, RTS halted the trades one hour before the end of the session. However, we would like to point out that there were no fundamental reasons for Russian stock market to drop so low. The whole situation reminds a massive panic. Whereas the turnover volume was not as large, therefore there were no total sales.

Main Russian Stock events

Gazprom sets roots in European retail market.
Yesterday European Commission confirmed the purchase of Enia Energia’s stake by 3 companies – Enia S.p.A, Centrex (Centrex Group’s a Gazprombank related subsidiary) and ZMB (a subsidiary of Gazprom’s subsidiary). The deal will not lead to difficulties for business competition in the region, says European Commission’s statement, “Vedomosti” newspaper reported.

Other Russian Stock news

Severstal starts purchasing own stocks worth 400 mn USD.
Severstal announced that it has commenced the program aimed to buy own stocks for a total of 400 mn USD, which equals 2.7% of company’s equity, says company’s statement. The price of a stock will form 14.04 USD per GDR – under the price compliant to the price as of the end of trades at London stock exchange on September 15th, 2008.

Daily review - September 17, 2008 (Stock Market in PDF)

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