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

Contributed by Veles Capital

By Veles Capital

On Tuesday the market was mainly moved by the positive from global financial grounds, which was caused by positive stats on the U.S., Canadian, South Korean and Japanese economy yesterday. So, Asian markets grew also and Europe opened positively. At noon the market slipped under pressure of euro/dollar pair and also the dropping oil prices. But as soon as Europe opened, situation stabilized and the Russian market won given drop back fast, at that the MICEX index was close to reaching February maximums. By the end of the day slight correction followed, however the market closed positively, which was supported by the U.S. opening. Sberbank was climbing at high volumes, and in the second echelon significant upping was indicated on AvtoVAZ due to positive corporate news on debt restructuring. The shares of Uralkaliy were the drop leaders, having lost due to news on the possible introduction of the export duties for mineral fertilizers.
 

Main news
 

Evraz won the right to develop Mezhegeyskoe coal deposit for 950 mn RUR.

Evraz Group S. A. announces winning in the investment competition for the right of developing Mezhegeyskoe coal deposit in Tiva republic. Cost of license will form 950 mn RUR. Federal agency on entrails use (Rosnedra) acted as organizer of the competition. It is expected that the license for the right of developing deposit will be gained within two months.
 

Renault might up its share in AvtoVAZ.

Renault SA – one of the world’s largest motor car concerns, which owns 25% + 1 share of AvtoVAZ, JSC – is ready to consider the possibility of upping the share in the Russian motor-car manufacturing, announced the president of Renault Carlos Ghosn in the interview to Russia Today TV channel.
 

Government intends to introduce 15% export duties for potassium chloride.

Profile authorities of RF ministry are discussing the possibility of introducing 15% export duty for potassium chloride, announced Interfax referring to its own sources.
 

Other news

- Inter RAO UES announced its plans on TGC-11.
 

- Severstal bought back a put-option on Lucchini by 37.5% cheaper than execution price.
 

- Investment program of AvtoVAZ till 2020 will form 3 bn euro.