Reports » Russia

Russian stock market daily morning report (March 17, 2010, Wednesday)

Contributed by Veles Capital

By Veles Capital

While waiting for the stats from the U.S. the Russian share market showed cautious climbing on Tuesday, winning back the Monday drop. In the first half of the day growth of oil prices became the main driver of the “bulls” against the background of dollar weakening and the positive open at the European grounds because of the news on European Union states being ready to provide financial aid to Greece if necessary. Mid day after output of neutral stats on the European zone the positive background got weaker, however after the issue of positive stats on the newly built houses and import in the U.S. the Russian share market went up more actively, also due to expecting FED to keep the rate without any changes.

Main news
 

Gazprom Neft establishes its dividend policy.

Board of directors of Gazprom Neft approved a decree on company’s dividend policy, imparts the press-release of the organization. The decree defines minimal amount of the annual dividends for the shares, which forms 15% of the company’s net profit that is to be defined according to US GAAP. Earlier the dividends have been defined using RAS net profit.
 

Other news
 

- High 2009 RAS net profit of Mosenergo.

Sales of Mosenergo for 2009 grew versus the similar period of 2008 by 18% and totaled 112.2 bn RUR. Growth of sales has been provided by the successful activities by the company at the power energy wholesale market, raise of regulated and free prices of power and capacity, increase of tariffs for heat energy, growth of productive supply of heat energy, upping of the sold capacity volume on behalf of the new CCPP.
 

- GAZ group expects 25% sales growth in 2010.

GAZ group expects 25% sales growth in 2010 up to 84 bn RUR.