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Reports Russia

Russian stock market daily morning report (August 29, 2014, Friday)

August 29, 2014, Friday, 08:54 GMT | 03:54 EST | 12:24 IST | 14:54 SGT
Contributed by Veles Capital

American and European exchange indices had also dropped at the back of the increased international tension. At that, today the futures at FTSE 100 of London and S&P 500 show mild quotes growth, which might become an indicator of reducing level of anxiety.

In case the message on Russia’s aggression is not confirmed, some improvement of the markets sentiment is most likely today. However, early today alarms of introduction of new sanctions against the Russian enterprises are likely to dominate today. At the given background, Moscow market is likely to show activity and trade volume reduction.

Main events

Norilsk Nickel posted neutral financial report.

Sales for 1H 2014 remained nearly unchanged and formed 5.7 bn USD. EBITDA grew 8.6% yoy to 2.496 bn USD (forecast formed 2.67 bn USD). We keep the estimation of the target price of the stock of Norilsk Nickel, equal to 208 USD and the recommendation HOLD.

RusHydro 1H 2014 results’ esimates.

Today RusHydro is to post its financial results for 1H 2014. We expect growth of sales of the company (including state funding) by 3.6% (hereinafter – yoy) to 167.7 bn RUR, EBITDA estimate – 5.9% to 41.0 bn RUR. Our forecast generally is inline with the consensus forecast, provided by Interfax.