Aug
26
Russian Stock Report
Filed Under Trader’s view |
Market today. Today stock market has continued falling. MICEX and RTS codes decreased by 3.94% and 3.22% respectively. Shares of oil and gas companies were affected by falling oil prices. Tatneft’s shares looks poor and the price fall totaled 6.10%. It occurred due to weak 1Q 2008 financial report under US GAAP. Stocks of Gazprom, LUKOIL, Surgutneftegas and Rosneft decreased by -3.78%, -4.88, -6.09%, and -4.52% respectively. Norilsk Nickel’s board of directors confirmed a decision to buyback its own shares (7.947 mn units), led to a growth of share prices by +1.65%. However, during the session a growth formed 6%. Shares of MMK and Severstal decreased by 4.16% and 3.08%. Sberbank shares lost -4.96%. VTB’s stocks decreased by -7.9% and exceeded historical low.
Market tomorrow. Tomorrow, Russian stock market will be depend on nor fundamental, but political factors. The current situation looks like very poor and Russian stock market could continue falling.
Bonds
Market yesterday. On Monday, shares liquidity became worse, due to tax payments. REPO rate increased to 8-8.5. There are a lot of traders in first echelon.
Market tomorrow. It is important to buy 2nd echelon stocks very carefully, with profitability more than 11.5-12%.
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State Duma required president of RF to recognize political independent of Abkhazia and South Ossetia (Interfax)
The first oil flows through ESPO pipeline will be transferred in October, 2008 (Interfax)
Company, close to Rusenergosbit, wants to buy another large company – Mosenergosbit (Reuters)
Fitch confirmed Severstal’s default rating, after purchased PBS Coals (Interfax)
Baltiysky Zavod’s net debt decreased 15 times over 1H 2008 (Company’s financial report)
Sibir Airlines confirmed plans to purchase Austrian Airlines (Interfax)