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Russian stock market daily morning report (February 28, 2013, Thursday)

Contributed by Veles Capital

In course of his speech, Bernanke has actually denied the rumor on possibility of suspending stimulation program, which being accompanied by the data on long-term use goods in the U.S., was the reason to growth for the American market (but the extremely volatile orders of transportation machinery, aviation mainly, orders grew 1.9% while 0.2% was expected). Nevertheless, a serious upside trend will unlikely develops due to deadline on the matter of budget cuts in the U.S. on March 1. Today the market will follow the release of data on unemployment level in Germany for February, CPI index of EZ, and the data on jobless claims in the U.S.


Main events

Kremlin re-wrote government’s lists of candidates to the BoDs of energy companies.

Given slowing of the process of choosing candidates to the board of directors indicates uncertainty of the government in candidates. While the candidates are finally announced the speculators of the exchange markets might attempt to win back the given news in their favor.

Iron ore ports of Australia resumed operation.

Against the background of re-opening of ports, spot prices for iron ore reduced from 152 USD per ton, which is a relatively positive signal – continuation of 80% iron ore price growth since September threatened with reduction of steel output in Asia and increase of steel smelters' loss.

Gazprom and Chinese CNPC negotiated to sign a contract on eastern route till the end of 2013.

The statements made should not be overestimated; quotes growth of Gazprom provides a possibility of a more profitable close of long-term positions or opening short positions in the shares of company.