May
27
Daily Stock review - May 27, 2009
Filed Under Trader’s view |
On Tuesday the Russian share market was flooded with a full-rate correction. Oil price reduction, drop at European grounds leaded to negative opening of the Russian shares. The drop lasted till the middle of the trading day, after that the market started floating within the sideways movement. The most serious damage was done to the shares of the bank and oil-and-gas sectors, which were among the leaders earlier. Along with that the demand growth is indicated on the shares of Svyazinvest subsidiaries – possible restructuring might warm up the interest in them.
Main Stock news
Comstar: fixed communication feels good also.
Sales of Comstar – United TeleSystems, JSC by the results of 1Q 2009 by US GAAP totaled 33.4 mn USD, which is 20% lower than in 1Q 2008. OIBDA totaled 126 mn USD (-26%). Net profit reduced by 77% to 13 mn USD.
Other Stock news
Ø NOVATEK might double the raw material base.
On Tuesday the board of NOVATEK’s directors approved purchasing 51% of Yamal SPG, JSC for 650 mn USD, imparts the press-release of the company. Yamal SPG is the operator of developing South-Tambeyskoye deposit.
Ø Tatneft confirms extraction plans.
Tatneft’s board of directors approved on Wednesday’s session the plan of oil extraction by the company for 2010-2011, according to which it is planned to extract 25.4 mn tons of oil annually in Tatarstan.
Ø Mechel negotiated the conditions of refinancing the bridge-credit for 1.5 bn USD.
Mechel Group reached the principal agreement with the representatives of banks-creditors on the principal conditions of refinancing the bridge-credit of 1.5 bn USD, which was taken for purchasing British Oriel Resources Ltd. for the period up to 3.5 years. Due to that the given bridge-credit has been prolonged for two months till July 15, 2009.
Daily Stock review - May 27, 2009 (PDF)