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Reports Russia

Russian stock market daily morning report (June 09, 2014, Monday)

June 9, 2014, Monday, 12:02 GMT | 07:02 EST | 15:32 IST | 18:02 SGT
Contributed by Veles Capital

We suppose that today the domestic stock exchange will not show any single dynamics and likely by the middle of the day it relocates to the red zone. Mainly the markets will be focused on the three-party meeting of the member of European Commission on Energy Gunter Oettinger, minister of energy of RF Alexander Novak and minister of Energy of Ukraine Yuri Prodan on matters of energy preparedness at 7:00 (9:00 pm MSK) in Brussels initiated by the European Commission. The coming week will be less saturated. However, there are some events expected to affect the course of trade. The data on retail selling in the US is expected Wednesday. Data on initial jobless claims comes on Thursday and Friday brings us the preliminary index of consumers’ confidence by Michigan University

Main events

Net profit of Mosenergo underperformed 41.8%

Despite the indicated reduction of the sum financial result, we expect that synergy effect of GEH buying MOESK in August last year might partially grade the negative effect of operation spending growing faster than sales do.

Additional capitalization of Gazprom is possible with using Golden-forex reserves

Considering the financial position of the company, sustainability of the cash flow of Gazprom, and the required investments into the Eastern Program being spread in time, we suppose that the additional capitalization of Gazprom seems unnecessary. At the meantime, Gazprom is likely to refuse from switching to IAS based dividends payoffs.