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Russian stock market daily morning report (September 12, 2012, Wednesday)

Contributed by Veles Capital

The key event of today was the decision of the Constitution Court of Germany. We assume the positive decision is almost won back by the investors already and announcement of the results of the court session might be a reason to fixate profit on the facts. Moreover, tomorrow the session of FED starts tomorrow and investors are not sure about the prospects of the new QE, which provides pressure on the markets.

Main events

Whose shareholder will Rosneftegas actually become?

We assume the decision on additional capitalization made by RusHydro will positively reflect on the company’s investment case due to that would help get rid of the deficit in the investment program. We preserve the positive view over the shares of RusHydro and expect market dynamics of the shares of Inter RAO UES.

Net profit of Uralkaliy in 1H 2012 by IAS grew 6%.

IAS net profit of Uralkaliy in 1H 2012 grew 6% to 842 mn USD.