Reports » Russia

Russian stock market daily morning report (March 11, 2010, Thursday)

Contributed by Veles Capital

By Veles Capital

As expected the lateral motion was indicated at the Russian share market on Wednesday. Up until the middle of the day the market was climbing basing on the good stats on the Chinese economy, in particular, on the volume of export and import in February. Given estimates showed growth of commodities import to the state, which has been supporting both the oil market and the industrial metals market. And that in its turn supported the companies within the same sectors. Later on sale prevailed at the market that might be characterized as attempts to fixate profit after the recent seven days of trades. As a result, closing of the Russian markets took place within the red zone. Among the interesting ideas of the past day we might outline the shares of Gazprom Neft, which were the drop leaders at MICEX due to the weak financial report for 2009 by US GAAP, and also the technical sale in the shares of Sberbank because of growth of its shares’ cost within the past days.
 
 

Main news
 
Financial results of Gazprom Neft for 2009 did not meet the expectations.

Net profit of Gazprom Neft for 2009 reduced by 35.3% to the level of 3.01 bn USD, profit for 4Q 2009 slipped versus 3Q by 24.6% and formed 638 mn USD (corrected profit was at 3Q level), comes from the output US GAAP report of the company. Financial results on the net profit turned out to be lower than expected, we forecasted annual estimate in the amount of 1 bn USD.
 

 
Other news
 

- Board of directors of AvtoVAZ adopted a program of development till 2020.

Board of directors of AvtoVAZ, JSC approved at the Wednesday session the enterprise’s development program till 2020 in sum total volume of about 3 bn euro, announced one of the board members to Interfax.
 

- KAMAZ plans to reach the pre-crisis volume of manufacturing by 2013.

KAMAZ, JSC plans reaching the pre-crisis volume of manufacturing by 2013, announced the press-cutting service of the company referring to CEO of the JSC Sergey Kogogin.