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Russian stock market daily morning report (September 24, 2012, Monday)

Contributed by Veles Capital

This morning sellers prevail at the trade in Asia, oil futures and American indices are in the “red” zone. We expect the Russian market to open with gap down. The coming week promises to be more interesting than the previous one, in the light of macrostats data output. The final estimation of the U.S. GDP for 2Q 2012 will be output. Nevertheless, in the light of the decision made on launch of QE, European and Asian news might be more interesting.

Main events

Igor Sechin criticizes the government’s decisions on power energy.

Igor Sechin criticized the scheme of additional capitalization of RusHydro elaborated by the government. This time the head of Rosneft expressed an opinion that the establishment of JE of generation company EuroSibenergo might impair the capitalization an economic state of the hydro-generation company.

Raspadskaya: EBITDA down 46% y/y in 1h 2012.

Sales of Raspadskaya reduced 24% y/y from 377 mn USD in 1h 2011 to 285 mn USD in 1h 2012. Corrected EBITDA reduced 46% y/y to 99 mn USD, at that EBITDA margin went 13 p.p. down to 35%. Net loss of Raspadskaya formed 19 mn USD versus the net profit of 99 mn USD a year earlier.