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Russian stock market daily evening report (March 12, 2010, Friday)

Contributed by Veles Capital

By Veles Capital

Stocks
 

Market today. The beginning of the trading session was rather active against the background of the total positive and stats on the Eurozone. But after a number of messages from the U.S. the eagerness of the players got weaker and reduction started. But the reduction was not deep due to which the Russian markets closed positively.

Market tomorrow. The situation at the foreign grounds was contradictory – European grounds are positive also, but American ones are negative. Commodity markets indicated contradictory trends. All that shows the continuation of growth at the Russian share market is possible on Monday, but not for sure.
 

Bonds
                                         
Market today. Close of another trading week in the segment of ruble bonds was relatively active. Similar to the day time, within the morning hours buys were prevailing, while in the afternoon the market participants were fixating. An official reason for that was the weak data on the U.S., which crashed the exchange indices. The turnover leaders were the following: notes of Severstal (MB-2, MB-5) and Mechel-MB-01, and also RZD-23, AIZK-10, Krasnoyarsk Territory-4. Among the news we might outline the message on reduction of coupon rate target on the new bonds of 2nd series by Mechel to 9.75-10% annually. At the Russian Eurobond market things were relatively calm. Bids on Russia 30 reduced to 115.3% of the nominal.

Market tomorrow. Ruble bond market might keep the potential for further climbing next week. The quotes will be climbing due to the low funding cost and expectation of CB to lower its rates.
 

 
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