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Russian stock market daily evening report (March 14, 2013, day)

Contributed by Veles Capital

Stocks

Market today. The positive news that the mission of «Troyka» estimated progress in reforming as «above expectations in some spheres» was the reason of mild growth of European grounds. Also it was announced that Greece will receive another transfer of bail March, in April mission of «Troyka» returns to Greece. A more serious driver at the exchange grounds and for the oil quotes are the data on reduced initial jobless claims number in the U.S. Russian market was in course of the global trends showed mild growth. The growth leaders were the shares of Polyus Gold and PhosAgro, which were winning back the news on being included in FTSE, NOVATEK – due to winning in the competition on East-Tazovskoe field. Gazprom continues winning back the news on coming buyback of shares for 8.2 bn RUR on behalf of Rosneftegas.

Market tomorrow. Tomorrow the most attention of the markets aside possible news from EU summit will be focused on the evening macrostats from the U.S. That would be the data on industrial production in Feb, CPI and Empire Manufacturing. Continuing improvement at the labor market indicates high possibility of continuing positive surprises on behalf of macrostats from the U.S.


Bonds

Market today. Despite improvement of optimistic mood at the foreign grounds, ruble bonds continued losing in price. Investors were likely alarmed by the threat of easing of the monetary policy as the head of CBR changes. BFL lost 10-15 bps during the day, reduction on single long-term issues was up to 50-60 bps. In the corporate segment we saw mixed dynamics. Buying went on the issues VEB-9, RusHydro-7, -8, loss indicated on Rosneft-4, MCB MB-5. Eurobonds continued gradual reduction under pressure of the climbing UST curve. Russia-42 lost 80 bps. to 113.7% of the nominal, Russia-30 23 bps to 123.21% of the nominal.

Market tomorrow. We expect the former dynamics to preserve at the Russian debt market. Investors in the ruble bonds will continue winning back the idea of the change of the head of CBR and Eurobonds remain under pressure of strong stats on U.S. and UST rates growth.


News briefly

USA – producers price index grew as expected by 0.7%. Interfax

USA – the number of initial jobless claims formed 332K, 350K was expected. Interfax

USA – the number of secondary jobless claims formed 3024K, 3090K was expected. Interfax