Reports » Russia

Russian stock market daily morning report (September 10, 2012, Monday)

Contributed by Veles Capital

Decision of ECB justified the best hopes of the investors and leaded to rapid growth of quotes at the foreign share markets. Unemployment data turned out to be “net weak enough” which was relatively disappointing due to decreasing chances of QE3 round by FED; however, European and American grounds did close in the green zone.

Shares within the majority of sectors were climbing at MICEX. Shares of ferrous metallurgy (MMC, NLMC and Severstal) and energy (FNC, IRNC and RusHydro) were the growth leaders. Neutral dynamics was on the shares of fertilizers and communication sectors.

Main events

Deal on uniting Gazprom Energy holding and KES-Holding will not happen.

Currently KES-Holding conducts consolidation of TGK-5, -6 and -7 basing on the TGK-9, which gives the minority holders (primarily TGK-6) hopes for profitable coefficients of converting (or buyback price). Not considering the further deals, notes of subsidiaries of the KES-Holding are not an attractive investment.

FCS: vehicles import for 7 months of 2012 grew 15.6% y/y.

That might be indicating that the civilians of RF estimate the prospects of the economy positively than the participants of the financial markets, or the execution of the deferred demand.