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Russian stock market daily evening report (September 08, 2010, Wednesday)

Contributed by Veles Capital

By Veles Capital

Stocks
 

Market today. Against the background of positive macroeconomic stats from the European states, the Russian market was climbing. The most serious moves among the blue chips were on Sberbank. Among the less liquid shares we might outline the resumed demand in AvtoVAZ and Pharmacy Chain 36.6.

Market tomorrow. We do not exclude that growth goes on tomorrow. However, volatility of the market might raise due to the big volume of the scheduled stats output.
 

 
Bonds
 

Market today. Today activity at the Russian bond market was moderate, no significant price change was indicated. The most attention of players belonged to the following notes: RZD-23, MB-1, Lukoil-1, -5, Rosselhozbank MB-1, MB-5. Fixation continued on the short-term notes, in particular on X5. Evidently the market is expecting the new placements on current and next weeks. Two BFL and bonds of Moscow has been conducted. Ministry of Finance was extremely modest on premiums, both issues of BFL were placed in the full volume though. At that Moscow was more generous. Russia 30 added 25 b.p. after the upping of rating by Fitch.

Market tomorrow. On Thursday we expect the sovereign bonds of Russia to continue climbing and sale of short-term corporate bonds. We also expect data from the U.S. (output of Biege Book and stats on consumer credits), output of which might introduce corrections to the session tomorrow.
 

 
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Industrial production in Germany grew in July by 0.1%, upping by 1% was expected; industrial production in the UK grew in July by 0.3%, upping by 0.4% was expected. (Interfax)

Positive foreign trade balance of RF grew in RF within January-July to 105.5 bn USD. (FTS)

Volume of export deliveries of power energy from Russia within 7 months of 2010 upped by 17.9%. (FTS)

Since the beginning of the year on September 6 inflation in RF grew to 5.6%. (FSSS)

Net profit of TNK-BP in 1H 2010 formed 2.7 bn USD. (Company)

NLMC introduced into operation the second furnace - drag bucket with capacity of 4 mn tons of steel annually. (Company)

Sale of cars in RF within 8 months grew by 14%. (AEB)