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Russian stock market daily evening report (February 16, 2010, Tuesday)

Contributed by Veles Capital

By Veles Capital

Stocks
 

Market today. The Russian market opened on Tuesday with active growth against the positive foreign background: Asian markets opened positively. Also the prices at the commodity markets were climbing, oil prices in particular, using dollar weakening versus euro against the background of uncertainty reduction concerning Greece. As a result closer to noon the RTS index broke through the level of 1,400 points. Correction followed in the afternoon, being caused by weakening of optimism at European exchange grounds, particularly due to the lowering of economic trust index throughout Europe worse than forecasted. However, extremely positive dynamics overcame the “bear” mood and by the end of the trading session the market reached the daytime maximums. At the same time the turnover was relatively low.

Market tomorrow. Tomorrow a lot will depend on the fact if optimism remains or not having appeared today at the open of U.S. markets. However, oil price growth and having broken through the level of 1,400 points of the RTS index will likely lead to continuation of the bulls prevailing at the market as we see it.

Bonds

                                                  
Market today. The day was rather optimistic. Against the background of morning strengthening of ruble buyers were dominating the market. Successful placement of market bonds by Globex and their further positive dynamics at the forward market added optimism. The growth leaders of the day were the following: RZD (10,12 and 23) and Rosselkhozbank (10, 11), and also Atomenergoprom-2 and Mechel-4. Averagely the quotes added 20-30 b.p. High demand was for the 2nd and 3rd issues of Akron, however the notes were hard to find in circulation. No significant moves were indicated at the Russian Eurobond market. The sovereign issue Russia 30 was trading at the level of 112.8% of nominal.

Market tomorrow. On Wednesday the activity in the ruble bonds segment will remain high. At the Eurobond market we might outline the new issues by Mezhprombank and Tatfondbank against the background of growing appetite for risks.

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