Reports » Russia

Russian stock market daily evening report (August 10, 2010, Tuesday)

Contributed by Veles Capital

By Veles Capital

Stocks
 

Market today. Serious correction, caused by oil prices slipping and weak stats on the macroeconomy of the U.S., took place at the market. The most significant sale was indicated in the shares of Gazprom Neft, Surgutneftegas, Sberbank and Transneft.

Market tomorrow. Possibly the short-term trend begins turning around and the correction down continues. We see support at the level of 1,450 points of the RTS index.
 

Bonds
 

Market today. Tuesday was all into correction. Liquid ruble issues lost in price 20-30 b.p. average. Among the leaders on the trade volumes were the issues: RZD-10, AIZK-7, RZD-8, TGK-1 and Akron-2. Russian Eurobonds dropped also. In particular, the sovereign loan Russia 30 lowered to the level of 117.8% of the nominal value. There were not many deals in the corporate segment, while the spreads for buy and sell widened significantly.

Market tomorrow. Despite a rather sharp growth of dollar cost and the respective reaction of the exchange markets of state with commodity-oriented economies, we assume the current drop will not last long. Only tomorrow’s stats on China might spoil things.
 

 
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Cost of work force in the U.S. in 2Q 2010 grew by 0.2%, upping by 1.5% was upped; labor efficiency in the U.S. dropped by 0.9%, growth by 0.1% was expected. (Interfax)

Deficit of RF budget in January-July 2010 formed 538.84 bn RUR. (Ministry of Finance)

Sberbank provided a credit to RusAl for 4.6 bn USD. (RusAl)

Bashinformsvyaz upped the net profit by RAS to 346.6 mn RUR in 1H 2010. (Interfax)

NWT will direct 1.1 bn RUR to share buy back from the holders that do not agree with reorganization. (Company)

STC will direct 386 mn RUR to share buy back from the holders that do not agree with reorganization. (Company)

IAS sales of FESCO for 2009 reduced to 650 mn USD, net profit dropped to 20 mn USD. (Company)

Cargo turnover NMTP within 7 months of 2010 reduced to 50 mn tons. (Company)