Reports » Russia

Russian stock market daily morning report (February 19, 2013, Tuesday)

Contributed by Veles Capital

Statement of Mario Draghi to the Europarliament did not bring any surprises. Inflation still is the main benchmark for ECB, euro rate still is not the goal of ECB’ policy – actually the head ECB did not hint on the possibility of easing the monetary policy, which might make pressure on the course of trade today. In the afternoon the data on ZEW index will be determinative.

Main events

S&P upgraded the rating of MOESK to “BB” from “BB-”, forecast – “stable”.

We estimate the rating upgrade of the distribution company is positive and might become a short-term growth driver. According to our targets, the quotes of the company might fixate at the level of 1.70-1.77 RUR per share.

After the amount of the investment portfolio on construction of the third unit of Berezovskaya GRES has been announced, the shares of E.ON Russia corrected down by more than 2.6%.

Correction of the company’s quotes is most likely temporary, which is confirmed by the trade at low volumes, and also the statements on the given investment company in 2010.

Soros and Bacon Fundscut their investments into ETF-funds, which invest in gold.

Considering that emerging states, such as China and Russia, are building up share of gold in the gold and currency funds, we expect the conjuncture to improve in 2013. Investors continue relocating assets into other ETF-funds and stock funds, however, the given action will not be of major character.

Tatneft increased its profit before tax by 16% in 2012

According to the announced size of profit, dividends for 2012 might form 8.21 RUR per share – which is slightly above consensus of 8.21 RUR per share – the news might be a short-term driver of quotes growth of the company’s shares, preferred ones fist of all.