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Russian stock market daily morning report (September 26, 2012, Wednesday)

Contributed by Veles Capital

We estimate the foreign background as mildly negative for the Russian market, however, we expect passive trade on Wednesday due to investors’ attention will be focused on the future news from Greece and Spain, which are to come Thursday-Friday. Price growth of the futures of Brent oil by 0.64 USD to 110.4 USD per barrel occurred due to expectation of tension escalation on the matter of Iran might be positive for the shares within the oil sector.

Main events

Gunvor wants to accomplish the plans of starting trade on power energy.

Gunvor addressed the Bulgarian state committee on energy and water regulating for a license for trading power energy for 20-year period.

KAMAZ upped its net profit in 1h 2012 by 18 times y/y and EBITDA – by 2.4 times.

Company showed extremely positive results: sales upped 28% y/y to 56.5 bn RUR and the net profit by 18 times y/y from 154 mn RUR to 2.7 bn RUR. EBITDA of KAMAZ upped 2.4 times to 5.4, while EBITDA margin grew to 9.7%. In 1h 2012 KAMAZ built up its sales by 19.7% y/y to 23.1 th vehicles, which has significantly exceeded the growth of the commercial vehicles’ market adding, which was 2% y/y.

News briefly

Energy: BoD of OGK-2 made a decision to include the project of reconstructing the generator of the energy unit #8 at Troitskaya SDPS into the investment program.