Sep
23
Russian Stocks and Bonds - September 23, 2008
Filed Under Trader’s view |
Stocks Market today. Today was a slow day, turnover was light, and the market is slowly drowning. Evidently above the market were stocks of Polyus Gold and Polymetal, which spiked upwards following the precious metals prices. Some really decent demand during the second half hit Rosneft, after Goldman Sachs published a recommendation on given security.
Market tomorrow. The situation around liquidity is still tense. Everybody is watching the events in the USA economy. Tomorrow we do not expect to see any strong movements. The general mood is moderately-negative.
Bonds
Market yesterday. Tuesday’s situation at secondary debt has failed to improve. Bids were non-existent today. REPO market brought credits only from Sberbank and VTB under 12% per annum rate and only by a very limited list of securities, mostly consisting of first tier bonds, whilst Gazprombank was absent from the market once more. The market expected the situation around Svyazbank to solve itself as well. During the second half of day a purchase of 98% stocks of company was announced by VEB.
Market tomorrow. The measures taken by the CB and ministry of finance are clearly inefficient in rejuvenating the market. The liquidity provided by primary large state and state-affiliated banks still failed to reach to market. And Wednesday’s situation is unlikely to change. The whole deal is further worsened by starting payments of mineral extraction tax and excises.
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Raspadskaya IAS 1H 2008 net income up +2.8 times (Interfax)
Three JSCs got 45% stocks of SIBUR, share of Gazprombank dropped -17% (Interfax)
VEB approved the deal on purchase of 98% stocks of Svyaz-bank with Central Bank, and financial help plan (Interfax)
Russian Stock and Bonds (PDF Report)