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Russian stock market morning report by Veles Capital (October 3, 2008, Thursday, 7.30 a.m. GMT)
3 October 2008
Source: www.veles-capital.ru
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Thursday has proved to be a yet another bad day for “bulls”, however, the market losses yesterday were quite insignificant if compared to past few months. Market even entered the green at day’s start. However, the second half proved to be a little disaster. At 16.30 (Moscow local time) the US initial claims data got published, disappointing market players expectations. After the data was issued the investors have witnessed the already well known chain reaction – fall of Europe’s stock markets, then oil prices, then downward opening gap at US grounds. And Russian market obviously crumbled as well. Among the stocks of the largest companies some positive movements were made by quotes of Rostelecom and Surgutneftegas.
RTS lost 3.06% towards the closing of trading session and formed 1152.7 points. The worst damage to the indicator was made by stocks of Rosneft (-9.77%), Gazprom (-2.63%) and Polyus Gold (-8%). Some light support has been provided by stocks of Rostelecom (+9.59%), common and preferred stocks of Surgutneftegas, adding +0.76% and +1.89% respectively.
RTS classic market turnover has totaled 31 mn USD. The top sales were noted in stocks of MTS (8.7 mn USD), Sberbank (4.1 mn USD) and Gazprom (2.2 mn USD).
Just as we have said before, the US macroeconomic data really sapped the foreign stock indices. Therefore the external background must be considered negative. The oil prices have also dropped lately. So, now we are facing a huge possibility that markets of Russia would slide down at some degree, right after the opening. However, yesterday fall already included some of the mentioned negative factors. Hence today the fall is not likely to be strong.
Other news
Polyus Gold’s net income formed 132.4 mn USD under IAS 1H 2008 report
According IAS 1H 2008 financial report, Polyus Gold, the largest gold producing company in Russia, achieved net income of 132.4 mn USD, says company’s statement. Company’s revenue increased by +63% and formed 518.9 mn USD against 1H 2007 results.
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This Thursday RF president Medvedev, Germany’s federal counselor Angela Merkel, Gazprom management head Alexei Miller and E.ON CEO dr. Wulf Bernotat have met in Saint Petersburg and signed an agreement of cooperation in development of Yuzhno-Russkoye oil & gas deposit (South-Russian), states concern’s press-release.
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Veles Capital upgraded price target on Rosneft from $14.31 to $15.11, recommendation "buy" unchanged, 18 September 2008
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