Mar
23
Daily Russian Stock review - March 23, 2009
Filed Under Uncategorized |
Last day of previous trading week the Russian market once again indicated high volatility. At the beginning of the trading session the shares won back the remaining positive from FED, related to another bailout measures. The market managed to freak through the 700 points level, however could not stay there till the end of the day. The growth support got weaker and the dynamics of the main indicators got quite indistinct. The shares of the oil sector were supported by the investors due to slight climbing of the oil prices. Sberbank became a real outsider: the day before its price went 25% high and on Friday indicated correction down. The non-ferrous metals producers were on the other side – shares of Norilsk Nickel and Polyus Gold went up due to the favorable conjuncture of non-ferrous metals market.
Main Russian Stock news
Prohorov builds up his share in RusAl to 18.5% in exchange to 2 bn USD debt of the aluminum company.
Oneksim Group of Mihail Prohorov builds up the share in Russian Aluminum united company to 18.5%. Within the frames of the reached agreement, 2 bn USD of debt liabilities to Potanin are to be converted into shares of RusAl, which would allow Oneksim to enlarge its portfolio from 14% to 18.5%.
Other Russian Stock news
Ø Creditors are satisfied with the plan of GAZ’ debt restructuring.
GAZ group prepared a “highly professional” restructuring program, which satisfied the principal creditors of the enterprise, announced the first vice-president of RF Igor Shuvalov.
Ø Renault refused AvtoVAZ.
Renault company does not intend to provide AvtoVAZ with direct financial support, stated the director-general of Renault in Russia Christian Estev to the journalists.
Daily Russian Stock review - March 23, 2009 (PDF)