Apr
29
Russian Stock Market - April 29, 2008
Filed Under Trader’s view |
The new trading week of Russian stock market was flagged by a growth of quotes among virtually all range of liquid stock. We must note though, that growth began last Friday, during second half of the day, then growth simply continued on to Monday. Before trades began the environment around it was quite supportive. Therefore almost all liquid stocks added some value throughout the day. Quite a deep fall was experienced by preferred stock of Transneft. This Monday company confirmed additional 20 bn RUR costs for new blueprints of VSTO-2. This could have undermined company’s image. We must add that turnover volumes are gradually sloping down prior to the upcoming national holidays.
RTS of Monday added +1.02% and closed at 2150.82 points. The top positive support of the indicator was brought in by stock of LUKOIL (+1.22%), Sberbank (+1.1%) and Uralkaly (+5.8%). Preferred stock of Transneft (-3.59%) and common stock of Norilsk Nickel (despite of +0.18% growth) and Magnet (-1.22%) have undermined the further growth of index.
Turnover of Monday has formed 28 mn USD. The three top turnovers were formed by securities of UES (6.7 mn USD), Sberbank (3.6 mn USD) and LUKOIL (3.5 mn USD).
Considering the upcoming may holidays and absence of any other sensational events for Russian stock market, we assume that the quotes are to move within a weak growth trend, thanks to positive close of world’s primary markets. RTS index growth of Tuesday s likely to form about 1%.
Main Stock events
Gazprom Neft to modernize MNPZ.
Shareholders of MNPZ (Moscow Oil Refinery) plan on investing up 1.5 mn USD into modernization of enterprise – reported head of Gazprom Neft’s management – Alexander Dyukov. He noted that works are set to start in 2008, whilst modernization will go on for several years.
Fortum made an offer to TGC-10 minor shareholders.
Fortum – Finnish energy concern, a holder to 76.49% of TGC-10, is ready to buy-out stocks from minor shareholders of the company at 4.74 USD apiece, reports Interfax.
Other Stock news
Gazprom Neft to cost 100 bn USD in 2020.
Transneft expands VSTO expenses evaluation.
UES plans on earning 140 mn EUR with sale of TGC-14.
Russian Stock Market Daily trader’s view - April 29, 2008 (PDF)