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Russian stock market daily morning report (September 09, 2010,Thursday)

Contributed by Veles Capital

By Veles Capital

On Wednesday the Russian share market showed growth having renewed the levels of four weeks maximums. Quotes were climbing at the neutral news background and likely the growth might be explained not by the fundamental reasons, but technical factors and Fall raise of business activity. Growth leaders were the shares of Gazprom Neft (+5.7%) and Polimetal (+6.4%).
  
 
Main events
 

TNK-BP summed up half year results.

Operating sale in 1H 2010 by US GAAP upped by 49.45% versus the 1H 2009 results. EBITDA upped by 24%, net profit grew by 23% versus the similar period of the previous year. RUSAL presented its program of modernizing Norilsk Nickel. A website "Save Norilsk Nickel" has been launched yesterday (www.savenornickel.ru  and www.savenornickel.com - English version) which presents the view of RUSAL over cost growth of Norilsk Nickel. RUSAL clearly presented its claims on the problem of protecting the rights of holders and offered its own program of modernizing.
 

 
News briefly
 

Macroeconomy: Industrial production in the UK.

Macroeconomy: Industrial production in Germany.

Bank sector: launch of depositary notes program by Sberbank is delayed, a share of portfolio in VTB might be privatized till the end of 2010.

Oil and gas: Prime-minister of Ukraine Nikolay Azarov insists on the market conditions of operating by Gazprom and Naftogas of Ukraine.

Oil and gas: FAS initiated a case relating Salavatnefteorgsintez.

Oil and gas: Transneft SC will keep the volume of its investment program at the level of 2009 program within the coming three years.

Oil and gas: Rosneft continues negotiating with Venezuella's PdVSA on buying back its share in German Ruhr Oel.

Machinery: 8 months result of selling machines.