Reports » Russia

Russian stock market daily evening report (March 03, 2010, Wednesday)

Contributed by Veles Capital

By Veles Capital

Stocks
  

Market today. Climbing dynamics was indicated at the Russian market during the whole day. After slight consolidation at the beginning of the trades, later on the players preferred buying. That was supported by the positive news on Greece, where the government of the state approved measures on reduction of deficit by 4.8 bn euro, and also the positive stats on U.S. on the servicing sphere. Power energy companies were climbing well today, along with banks and the chemical sector.

Market tomorrow. We assume the Russian grounds might continue the climbing trend since morning. That will be affected by the technical factors, which are currently indicating the continuation of the climbing motion, and also the positive trade at the American market, which is currently indicated. We also want to outline the wide set of macroeconomic stats, after the output of which sharp single moves are possible.

Bonds
                                                         
Market today.  There was another extremely active day at the market. Despite the slight reduction of ruble bonds quotes slowing down (the liquid issues added another 20-30 b.p. average), the trade turnover was very high. The most activity was indicated on the issues of NLMC MB-1, Bashneft-1, IRNC South-2, Rosselhozbank-3, RZD-13, -23. The main event of the day at the primal market was the additional placement of Moscow, which as a result has been placed under 8% annually and the continuing growth at the secondary market. Against the given background the interest of the investors to the additional placement by Ministry of Finance of the 73rd issue of FLB was rather modest. At the Eurobond market things were calm after three days of nonstop growth. Sovereign issue Russia 30 remained around 114.65% of the nominal, keeping that way the growth at the corporate segment.

Market tomorrow.  On Thursday many important stats, capable of introducing corrections to the domestic debt market, are to be output. However, the total positive trend remains.

No comment

China reached preliminary negotiations on delivery and price of Russian gas. (Interfax)
Timchenko’s fund upped the share in NOVATEK to 18.2%. (Interfax)
Alliance Oil opened an order book for 5-year LPN, LPN yield target – around 10% annually. (Interfax)
Raspadskaya might pay off dividends for 2009 and partially compensate them for 2008. (Company)
Investments to the motor-car construction branch in RF in 2010 might form 55 bn RUR, including up to 24 bn RUR from the budget. (Interfax)
MTS plans placing bonds for 10-35 bn RUR, and refinance bonds for 400 mn USD. (Company)