Reports » Russia

Russian stock market daily morning report (October 08, 2012, Monday)

Contributed by Veles Capital

Ministers of EU are to meet today. As for macrostats, we should indicate the following issues: Beige Book on Wednesday, Producers prices index in U.S., Producers Confidence index by Michigan University, industrial production in the EU – on Friday. Friday also brings reports of expressive representatives of the bank sector of the U.S. – JP Morgan and Wells Fargo. We expect positive dynamics to continue at the markets this week.

Main events

Comments to 1H 2012 IAS report.

Weak foreign data of Inter RAO group for the first half year was no surprise for the market. We indicate that a significant share of cost of company still is occupied by the minority portfolios, and the quotes might be under pressure of the new foreign expansion of Inter RAO.

AvtoVAZ: net profit grows.

Avtovaz showed a significant improvement of the financial estimates: the net profit of company formed 27.4 bn RUR, however, just 2.5% share is profit from the principal activity. The second part of the net profit 26.7 bn RUR was written resulting from discounting interest-free loans from the state company Rostechnology via the current market rate in the volume of 12.6%.

The government issued a direction on transferring the dividends of Rosneftegas to budget in the volume of 50 bn RUR. The money are planned to be directed to additional capitalization of RusHydro.