Jun
18
Russian Stock Market - June 18, 2008
Filed Under Trader’s view |
During Tuesday Russian stock market continued its movement upwards, closely reaching to 2400 points of RTS. Traditionally the support of index was provided by external influence – all the primary European grounds have experienced a rise. Oil prices remain high, which does not allow for oil securities to drop down. Do note that towards the end of the trading session – another portion of US economy statistics was published, whereas some of it had a negative image, appearing below expectations (industrial production dynamics to be precise). Nevertheless, this blot could not shake the positions of Russian market, which reacted with a short-term and only light drop upon this news. The most notable movements of yesterday market occurred around stocks of Uralkaly, as price of fertilizer got reviewed yesterday (from 600 USD to 1000 USD per ton), which company supplies to Brazil, causing a demand wave over given securities.
RTS of the day rose +1.39% and formed 2399.15 points. The utmost support of the market was formed by stocks of Sberbank (+2.4%), Gazprom (+1.44%) and NOVATEK (+6.51%). The securities that sapped the market were of: Raspadskaya (-1.66%) and Severstal-Avto (-0.69%).
RTS classic turnover has formed 32.7 mn USD. The top exchange volumes were registered after stocks of Sberbank (8.8 mn USD), LUKOIL (7.8 mn USD) and Gazprom (6.7 mn USD).
During the last month Russian stock market formed a mid-term fall trend. And yesterday RTS reached the upper border of canal, formed by the given trend. This facto indicates the possible drop of market today. Besides – the sloping of US indices lately could bring Russia down as well. However, the slide is not likely to be significant. We think that RTS may change within 1% today.
Main Stock events
Gazprom to expand eastern export.
Gazprom hopes that after year 2020 the export to Northern Asian countries would form about 50% of total European export. Such estimate was announced by member of holding’s management – Vlada Rusakova, at 12th annual investors conference.
Gazprom Neft calculated savings of reduced taxes.
Gazprom Neft’s savings of special mining tax (after start of 2009) could form up to 6 bn RUR, reported company’s VP of finance – Vadim Yakovlev to journalists. According to our estimates, the savings could form up to 6.5-6.6 bn RUR.
Other Stock news
LUKOIL plans 20% growth of income in 2008 under foreign directions.
PhosAgro made an offer on stocks of Ammophos.
RuSAS votes “yes” for separation of Norilsk Nickel’s energy assets.
Gazprom negotiates on entering capital of TGC-7.