Aug
15
Russian Stocks
Filed Under Uncategorized |
The considerably overbought Russian stocks, of then-backed Georgia-Ossetia conflict, were compensating for the drop of quotes yesterday. Primary growth hit the securities of oil & gas sector. Thursday’s compensation was boosted by the news on increasing oil price, caused by data on reduction of US reserves. More to that – the absence of news off Caucasus – is a good news of its own, thus investors begun slowly rejoicing from the political negative background and entered the cheap stocks. Note though – turnover volumes still remain quite low.
Thursday’s RTS increased +1.08% and ended the day at 1795.23 points. The top positive support of the index has been formed by stocks of Norilsk Nickel (+4.72%), LUKOIL (+0.9%) and Surgutneftegas (+4.36%).
The daily turnover of RTS has formed 23.5 mn USD. Highest turnover volumes have been achieved through stocks of: LUKOIL (8.0 mn USD), Gazprom (6.1 mn USD) and Sberbank (2.3 mn USD).
Foreign indices of yesterday’s session have demonstrated a moderate growth. However, commodity markets formed the negative trend anyways. Due to this, the opening of trades is likely to go under a weak positive note. Aside of this, do note the still existing political risks, reducing investment attractiveness of Russian stock market. When coupled together – these factors could prove a withholding influence upon the dynamics of stock indices.
Main Russian Stocks events
UC RusAl insists on unscheduled Norilsk Nickel shareholders’ meeting.
UC RusAl, a holder to 25% shares of Norilsk Nickel, decided to conduct an unscheduled meeting of shareholders, in order to elect a new board of directors. Company’s statement indicates that early September, RusAl plans to present a demand for meeting. RusAl thinks that the current board of directors, whilst ruled by Interros, is unable to stop the failing value of company’s shares, says press-release of the company.