Jun
7
During the day RTS floated over t2334-2358 points range. At noon the index started to grow with European indices in expectation the results of Eurozone statistics, but soon it fell down to the lowest value of the day. The worse were Polyus Gold’s shares, which went down due to company’s refusal to sell portfolio to Onexim group. During the afternoon the oil sector is strengthen. It can be connected with oil price stabilization, and also with the decrease of oil companies’ shares, and it also gave a chance to new players to enter the market.
As the result RTS decreased by 0.07% and formed 2351.78 points. A negative influence have shares of Gazprom (-1.04%), Polyus Gold (-3.08%) and Sberbank (-1.14%). The support to index was provided by Rosneft (+0.87%), Surgutneftegas (+0.86%) and Tatneft (+1.46%).
The classic turnover was low and formed 40.1 mn USD. The turnover leaders were shares of LUKOIL (13.2 mn USD), Norilsknickel (7.4 mn USD) and Sberbank (3.9 mn USD).
We do not exclude that after the 4 days fall of RTS will show a positive dynamics. It can be supported by profitable external factors. Thus, the USA indices DJ and NASDAQ increased by 1.73% and 1.87%. Asian Nikkei and Hang Seng enlarged 1.35% and 1%. Brent oil prices increased almost by 5 USD. Moreover, oil and gas sector could be supported by easier-tax policy, recommended by State Duma. The telecom sector may look very sound, which can positively accept North-West Telecom’s report of 2007.
Main Stock events
Comstar’s 1Q report.
Comstar’s US GAAP report showed the growth in 1Q 2008 by 23.8% – to 54.1 mn USD. Income increased by 27% and formed 417 mn USD.
NWT: IAS annual report.
NWT in 2007 has increased its IAS net income 7.9 times against 2006 – to 10.1 bn RUR, said company’s report. Operating activity income increased by 48.4% – to 4.3 bn RUR, the operating income enlarged 6 times, up to 13.3 bn RUR, including new services income by 56%, to 3.3 bn RUR.
Other Russian Stock news
Duma got recommended upon approval of tax initiatives.
State Duma’s taxes and budget committee has recommended to accept amendments in 23rd, 24th, 25th and 26th chapters, part two of RF’s Tax codex, during the first hearing of Thursday’s meeting; the corrections are aimed to implement an innovative scenario for economy development, as well as for expansion of populations’ social support.
Rosneft: Capitalization of 200 bn USD – not a limit.
Thursday, Rosneft held an annual meeting of shareholders, during which – company’s head Sergei Bogdanchikov announced his ambitious plans of company’s development, resuming that the plans should expand company’s shareholders value up to 200 bn USD in mid-term.
Rosneft has won an action over the energy company.
Yesterday, Rosneft has won the first action among the energy company suit list in Moscow arbitration court, said Vedompsti paper. The suit concerned voidance of Kubanenergo shareholders’ meeting, we its merger to MRSK Uga holding (within the energy company).
Russian Stock Market Daily trader’s view - June 6, 2008 (PDF)