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Russian stock market daily morning report (March 18, 2010, Thursday)

Contributed by Veles Capital

By Veles Capital

On Wednesday the movement of the Russian indices gave a good run for market participants’ money. The session was extremely volatile, but in the end the market closed with good adding. Basing on positive macroeconomic stats and news early that day, and also on the climbing Asian and commodity markets, the open of the Russian markets was optimistic. The shares were adding more than percent since the very open. Later on the growth was warmed up by the open of European grounds and domestic indices reached maximum levels, having added on RTS and MICEX 2.1% and 1.5% respectively. However, closer to the end of the session a slight wave of sale swapped the market, being provided by the correction at the oil market because of the output information on oil supplies in the U.S. Also several corporate stories were developing at a time. Such as the possible claims against Rosneft on behalf of the foreign legal authorities of U.S. and UK on YUKOS case that still is in progress and made the shares of the given company become outsiders. So by the end of the day they lost 1.5%. Also rally went on in the shares of Gazprom Neft due to approved long-term dividend strategy. The shares of LUKOIL were among the growth leaders, due to Wednesday the head of the company confirmed that in April the deposit after Yu.Korchagin at Caspian would be launched and that is supposed to affect the extraction level of the current year positively. On Wednesday growth continued in the power energy segment also and the reason for that was the total fundamental underestimation of the shares within the sector.
 

Main news

Rosneft’s export might get frozen.

Russia’s largest oil Exporter – Rosneft – might be threatened with the interruptions of oil selling and payments freezing due to bench warrants of U.S. and UK, which are actually making U.S. dollar payments to company impossible, that has been announced by Reuters referring to several traders and sources in the branch.

Other news

- LUKOIL is on the threshold of launching deposit after Yu. Korchagin.

LUKOIL plans launching oil extraction at the deposit after Yu. Korchagin at Caspian in April, announced the head of the company Vagit Alekperov, imparts Interfax.
 

- ConocoPhillips still sell a sale in LUKOIL.

American ConocoPhilips might reduce its share in LUKOIL by almost half, announced Bloomberg Agency referring to its sources.