May
27
Russian Stocks - May 27, 2008
Filed Under Trader’s view |
The new trading week had begun at a moderate pace. Though market has all the positive factors existing, such as record oil prices. However, due to national holiday in US and England – market players were not as keen to “shake” the market – as quotes dynamics of most of liquid stocks formed about 1-1.5%. The weakest dynamics were demonstrated by stocks of Sberbank and Norilsk Nickel. The bank announced its financial results of first four months 2008, indicating weak operations of April. This fact could have been negatively taken by the market, whilst Sberbank’s quotes dropped down.
RTS of the day rose +0.06% and formed 2436.56 points. The utmost support of index was brought by: LUKOIL (+1.87%0, Rosneft (+2.71%) and Polyus Gold (+1.52%). Opposite push was formed through: Sberbank (-1.37%), Norilsk Nickel (-2.01%) and Gazprom (-0.32%).
Index’ turnover of Monday was relatively high and formed 66.1 mn USD. Top deals were made on stocks of Gazprom (22.6 mn USD), UES (14.9 mn USD) and Sberbank (13.8 mn USD).
The external background is currently good for Russian stock market. “Black gold’s” quotes are at its highest, as Asian markets enjoyed a sound dynamics this morning. Today’s target level of index is 2458 points.
Main Stock events
S&P upgrades Rosneft’s rating to BBB-.
Standard & Poor’s rating agency has upped Rosneft’s rating from BB+ to BBB-, reports Interfax. Interfax also cites the forecast to set at “stable”.
Other Stock news
Cabinet approved cut of oil industry’s taxes.
Tax holidays on oil extraction tax over shelf are to form 10 and 15 years, reported RF’s vice-minister of finance – Sergei Shatalov, during briefing after cabinet meeting, says Interfax.
Russian Stocks - May 27, 2008 (PDF)