Sep
24
Russian Stocks - Market today. Today Russian stock market slightly increased, MICEX and RTS added 3.2% and 3.4% respectively. The stocks of banking and oil and gas sector demonstrated positive dynamics, due to sound financial report of VTB, Gazprom’s plans to decrease total consolidated debt and a growth of oil prices. A high demand has the stocks of companies, which include government (Rosneft, Gazprom, Sberbank and VTB).
Market tomorrow. We think that a possibility of fall over next several days is very high.
Russian Bonds
Market yesterday. In spite of high liquidity and low quotes at Interbank credit market on Wednesday, Russian bond market is still weak – lack of purchase request and rear transactions of 20-30% discount. It can be explained by short-terms of appeared liquidity. Only securities of Sberbank and VTB gave credits at repo market under 12% per annum rate, mostly consisting of first tier bonds. Thus, the government has supported only major banks.
Market tomorrow. We do not think that major banks will act as creditors, assigned by CB. That is why we do not expect any good news from Russian bond market until the end of tax payments over September.
Other Russian Stock News without comments
According to IAS 1H 2008 report, VTB’s net income added 34.7% and formed 679 mn USD. (Interfax)
Dalsvyaz’s net income increased 2.6 times, to 1.1 bn RUR under IAS 1H 2008 financial report. (Interfax)
WGC-2 plans to purchase a coal asset. (Interfax)
Potanin gains 2% of Norilsk Nickel’s stake and a share in RusAl Petroleum, Prokhorov – 30% in Polyus Gold in accordance with terms of “divorce”. (Interfax)
W. Baffet invests 5 bn USD in Goldman Sachs. (Interfax)
Daily Russian Stock results - September 24, 2008 (PDF)