May
22
Russian Stock Review - May 22, 2008
Filed Under Trader’s view |
In despite of negative dynamics provided by primary foreign markets, Russian trades began at a rise of quotes. It seems that the reason for that was the oil price. Throughout Tuesday oil quotes have added over 2 USD, whilst yesterday WTI oil exceeded 130 USD per barrel. Oil sector was obviously among the leader of value expansion. The true miracles, however, were demonstrated by stocks of Polyus Gold – in just one day their MICEX quotes expanded by 18%. Looks like the rumors about company’s gaining Sukhoi Log deposit and entrance of the state into company’s equity did their part.
RTS of the day increased by 0.6% and formed 2467.81 points. The leaders of support were stocks of: LUKOIL (+1.71%), Gazprom (+0.79%) and Surgutneftegas (+2.5%). Some damage to index growth was caused by stocks of: NOVATEK (_7.78%), Mechel (-5.26%) and Sberbank (-0.27%).
RTS of Wednesday’s classic turnover has formed 58.7 mn USD. Whilst highest turnovers were achieved through stocks of Gazprom (11.7 mn USD), Sberbank (10.5 mn USD) and Norilsk Nickel (9.1 mn USD).
The dynamics of primary foreign indices remains mixed. US stock grounds have mostly exceeded negative moods, due to expected stop of further rate cuts by US Fed. Influenced by the news dropped DJ and NASDAQ -1.77%. Asian markets – however were not as pessimistic, as Nikkei 225 enjoyed a slight growth. Today we expect the publication of statistic data on initial claims in US, as well as range of European macroeconomic indicators. Therefore, market is likely to stay volatile. However, we do not exclude that oil & gas sector could show support, backed by record oil price. Do remember that WTI oil brand is currently traded above 130 USD.
Main Stock events
Severstal’s IAS decrease of net income by 4% in 1Q 2008
Severstal gained IAS net income in amount of 439 mn USD in 1Q 2008 vs 458 mn USD in the same period of the last year (4,1% decrease), says company’s report. The income formed 4,309 bn USD (16.7% growth), EBITDA — 1,036 bn USD. (14.6% growth).
Daily trader’s view - May 22, 2008 (Stock Review in PDF)