Russian stock market daily morning report (March 12, 2010, Friday)
On Thursday the trades at the Russian share market went without any trends and the indices varied little, however still standing higher than the psychologically important level of 1,500 points of the RTS index. Mainly that was due to the relatively calm foreign background – Europe and U.S. did not show any kind of serious variations at the markets, commodity grounds were trading calmly also. News from Russia was not aggressive either and there were no trade ideas. No serious price highs or downs were indicated at the most liquid shares’ costs. Along with that we might outline the shares of Uralkaliy, which upped in price due to the statements by Igor Sechin on the matter of export duty for the potassium fertilizers not being discussed in the government yet.
Russian stock market daily evening report (March 11, 2010, Thursday)
Calm trades almost with no idea with narrow variations of quotes took place at the market today. The oil, foreign markets, stats on the U.S. - all given factors did not provide optimism to the investors. The most interesting motion was on Uralkaliy due to statements by Sechin on the matter of export duties for fertilizers not being considered yet.
Russian stock market daily morning report (March 11, 2010, Thursday)
As expected the lateral motion was indicated at the Russian share market on Wednesday. Up until the middle of the day the market was climbing basing on the good stats on the Chinese economy, in particular, on the volume of export and import in February. Given estimates showed growth of commodities import to the state, which has been supporting both the oil market and the industrial metals market. And that in its turn supported the companies within the same sectors. Later on sale prevailed at the market that might be characterized as attempts to fixate profit after the recent seven days of trades. As a result, closing of the Russian markets took place within the red zone. Among the interesting ideas of the past day we might outline the shares of Gazprom Neft, which were the drop leaders at MICEX due to the weak financial report for 2009 by US GAAP, and also the technical sale in the shares of Sberbank because of growth of its shares’ cost within the past days.
Russian stock market daily evening report (March 10, 2010, Wednesday)
The session at the Russian market was volatile. Till the middle of the day upping was indicated being supported by the raise at the commodity markets against the background of the positive stats from China on export and import. Later on under pressure of the domestic factors and slight overbuy in several sectors the players preferred fixating their profit and the indices returned to the levels of the beginning of the day.
Russian stock market daily morning report (March 10, 2010, Wednesday)
After the holidays growth got suspended at the Russian share market. Domestic indices were correcting down by 1% in the first half of the day following Asia and European trading grounds, along with the drop of oil prices, which has been caused by dollar strengthening versus euro, and also the expectations of the investors on increase of oil supplies in the U.S. So, mainly the oil section was pulling the market down. Banks and power energy looked better than the market. In the second half of the day the drop suspended, and the market went laterally and continued trading within the psychological 1,500 and 1,400 points of the RTS and MICEX indices respectively. By the end of the session slight climbing following the American markets was indicated.
Russian stock market daily evening report (March 09, 2010, Tuesday)
After the holidays growth got suspended at the Russian share market. Following Asia and European trading grounds, along with the drop of oil prices, the domestic indices were correcting down by 1% in the first half of the day. Mainly the oil section was dropping. In the second half of the day the drop suspended, and the market went laterally and continued trading within the psychological 1,500 and 1,400 points of the RTS and MICEX indices respectively.
Russian stock market daily morning report (March 09, 2010, Tuesday)
The last pre-holiday session made a good present to the investors. So, against the background of not bad stats from the U.S. and Germany the Russian market closed in good positive. Support also came from the commodities’ prices upping. A big part was played by the total positive around the largest intrigue of the recent months – problems of Greece, which has placed its state bonds issue successfully.
Russian stock market daily morning report (March 09, 2010, Tuesday)
The last pre-holiday session made a good present to the investors. So, against the background of not bad stats from the U.S. and Germany the Russian market closed in good positive. Support also came from the commodities’ prices upping. A big part was played by the total positive around the largest intrigue of the recent months – problems of Greece, which has placed its state bonds issue successfully.
Russian stock market daily evening report (March 05, 2010, Friday)
Against the week information, but totally positive background, the market was gradually reaching another step up. In the first part of the day on Friday the participants continued buying by relatively high volumes, however in the afternoon things got calm. The turnover leaders were the following: Moscow-49, Rosselhozbank-3 and RZD-23. Increased interest was on the shares of Severstal MB-2, Sibmetinvest-1,-2, Sistema-2,-3, MTS-5 and Bashneft-3. At the Eurobond market the activity was minimal. Sovereign issue Russia 30 reduced to the level of 114.5% of the nominal. Details of the new placement by the Bank of Moscow got clear today. The final volume was upped to 750 mn USD, and the placement rate turned out to be at the level of 6.99%.
Russian stock market daily morning report (March 05, 2010, Friday)
On Thursday the trades at the Russian market began with weak correction movement, indicated within the first hour. Such weak opening was likely related to winning back a foreign factor, in particular – the initiatives on regulating the bank sector. However, the market turned around fast and following that the oil quotes went up. Besides, the stats on macroeconomy of the U.S., which has been output closer to the trades close, provided support to the market. Along with that we should outline that there were no special ideas at the market – the shares were moving following the foreign background.
Russian stock market daily evening report (March 04, 2010, Thursday)
The market moved following the foreign factors, while domestic ideas were absent. Among the foreign factors we might outline the climbing oil prices and also the positive stats on the U.S. economy. We should consider the coming week-end, which provides grounds for leaving into cash. However the foreign background is positive, which actually is a kind of a support.
Russian stock market daily morning report (March 04, 2010, Thursday)
Climbing dynamics was indicated at the Russian market on Wednesday. After slight consolidation at the beginning of the trades, later on the players referred to motion in Europe. In particular the positive reaction of the markets was caused by the positive news on Greece, where the government of the state approved measures on reduction of deficit by 4.8 bn euro, and the players interpreted that as if the coming bond placement was successful due to Germany and France would help with the demand for the notes. More to that, by the trades close at the Russian markets, positive stats came out on U.S. on the servicing sphere. We might also outline the metallurgy and power sectors, which showed 1% and 2% growth respectively. Strategic buying is indicated in the power energy sector due to fundamental attractiveness of the sector, metallurgy workers were being supported by the conjuncture at the commodity grounds. On Wednesday the technical roll upwards could be seen on the potassium sector after a significant slipping the day before.
Russian stock market daily evening report (March 03, 2010, Wednesday)
Climbing dynamics was indicated at the Russian market during the whole day. After slight consolidation at the beginning of the trades, later on the players preferred buying. That was supported by the positive news on Greece, where the government of the state approved measures on reduction of deficit by 4.8 bn euro, and also the positive stats on U.S. on the servicing sphere. Power energy companies were climbing well today, along with banks and the chemical sector.
Russian stock market daily morning report (March 03, 2010, Wednesday)
On Tuesday the market was mainly moved by the positive from global financial grounds, which was caused by positive stats on the U.S., Canadian, South Korean and Japanese economy yesterday. So, Asian markets grew also and Europe opened positively. At noon the market slipped under pressure of euro/dollar pair and also the dropping oil prices. But as soon as Europe opened, situation stabilized and the Russian market won given drop back fast, at that the MICEX index was close to reaching February maximums. By the end of the day slight correction followed, however the market closed positively, which was supported by the U.S. opening. Sberbank was climbing at high volumes, and in the second echelon significant upping was indicated on AvtoVAZ due to positive corporate news on debt restructuring. The shares of Uralkaliy were the drop leaders, having lost due to news on the possible introduction of the export duties for mineral fertilizers.
Russian stock market daily evening report (March 02, 2010, Tuesday)
On Tuesday the market was mainly moved by the positive from global financial grounds, which was caused by positive stats on the U.S., Canadian, South Korean and Japanese economy yesterday. At noon the market slipped under pressure of oil, but it has won given drop back fast, at that the MICEX index was close to reaching February maximums. Sberbank was climbing at high volumes, and in the second echelon significant upping was indicated on AvtoVAZ due to positive corporate news on debt restructuring.
Russian stock market daily morning report (March 02, 2010, Tuesday)
The first day of spring provided trades activation with remaining climbing trend. The main reason of growth was the favorable foreign background. So, the exchange markets of the Eurozone were supported by the stats on unemployment, which turned out to be better than expected and caused confident growth of the European grounds. Besides, significant support came from the commodity market – oil prices grew due to expectations of U.S. economy recovery and Asian markets and growth of demand for fuel related to that. Exchange grounds of the U.S. have also upped with growth against the background of the stats on expenses of the citizens, and also all-time high upping of GDP of Canada. By the end of the trading session the mood of the participants was slightly worsened by the drop of ISM Manufacturing index more than expected. However the correction from the daytime maximums turned out to be insignificant. The shares of oil-and-gas sector (mainly Gazprom and LUKOIL, and Rosneft to a less decree), and also banks (mainly Sberbank, less – VTB) were most popular.
Russian stock market daily evening report (March 01, 2010, Monday)
Climbing trend resumed at the exchange market on the first day of spring due to the positive foreign background. Share markets of the Eurozone supported the stats on unemployment, which turned out to be better than expected and caused confident growth of the European grounds. Besides, significant support came from the commodity market – oil prices grew due to expectations of U.S. economy recovery and Asian markets and growth of demand for fuel related to that. As a result, the oil sector shares were trading actively (Gazprom, LUKOIL, Rosneft – less active), and also banks (mostly Sberbank, and VTB in a less decree).
Russian stock market daily morning report (March 01, 2010, Monday)
Saturday actually turned out to be a real week-end for the Russian share market. The RTS index opened the session with growth to 1,410 points against the background of the positive external factors. We should outline the data on GDP of the U.S., which turned out to be better than expected and became a driver of the American indices climbing the day before. Besides, not bad upping was indicated at the commodity markets, including the oil prices having reached 77.7 USD per barrel. Domestic news background was also relatively neutral.
Russian stock market daily evening report (February 26, 2010, Friday)
Totally the dynamics of the market was congenerical on Friday. At the same time even the negative news from the U.S. on the selling of houses managed to change the mood of the players just for a second and the positive dynamics retuned in a flip of an eye. The main demand was indicated within the most liquid shares, but significant “outshouts” in low liquid shares also (WGC-2, ISK Cheloveka, AMZ).
Russian stock market daily morning report (February 26, 2010, Friday)
On Thursday the Russian share market was once again covered by the wave of negative. The trades went all wrong from the very morning – within the indefinite news backgrounds the negative messages took the lead. Situation around Greece does not provide for growth – that is for sure. Besides, weak data on the macroeconomy of the U.S., output at 4:30 pm, speeded up the drop at the global markets, including Russian ones. The drop was slightly accelerated by serious slipping at the oil market – the cost of barrel of Brent mix dropped more than 2 USD, getting close to the level of 75 USD.
Russian stock market daily evening report (February 25, 2010, Thursday)
Negative mood prevailed at the market – the principal indicators slipped seriously following the dropping Europe and weak stats on the U.S. Weak attempts to play bulls were indicated on the low liquid notes, while the blue chips were actively sold. On Thursday the domestic market of ruble bonds will be under slight correction. The reason for that was euro quotes reduction and also the oil quotes down, along with weak stats on the U.S.
Russian stock market daily morning report (February 25, 2010, Thursday)
On Wednesday, after a long holiday, the Russian share market opened with reduction of the principle highly liquid notes and indices, against the background of worsening expectations on the South European states and the drop of the index of consumer trust to U.S. economy to minimum within 10 months. At the same time the oil prices that remained high did not allow the indices drop deep and increasing dynamics was indicated up till the output of stats on newly-built houses sale in the U.S. However after the given stats has been output having turned out to be worse than expected, the Russian and foreign indices, rushed to their daytime minimums. We might outline the bank sector among the interesting motions due to it having displayed the worst dynamics on Wednesday due to the impact of sale in the financial sector of the U.S., and also the shares of Norilsk Nickel, which slipped significantly after Putin criticizing going out of the time limit of executing the investment program controlled by WGC-3, and also the shares of the companies-producers of potassium chloride.
Russian stock market daily evening report (February 24, 2010, Wednesday)
From the beginning of the trading session the Russian participants, as expected, won back all the events that occurred during the long holiday. The trades began in the red zone, against the background of the worsening on the South European states and the drop of index of consumer trust to the economy of the U.S. to minimum level within the past 10 months. Later on the indices rose from the bottom a little, but did not manage to stand at the levels they reached till the negative stats on newly-built houses in the U.S. came out and closed the day in significant negative.
Russian stock market daily morning report (February 24, 2010, Wednesday)
Good stats from Europe supported slowing the drop down, which was indicated on Friday morning and has been provoked by the previous upping of the discount rate in the U.S. Alarms of the players were caused by expectations of the rate upping of the discount window leads top base rate upping. Good figures on the inflation in the U.S. helped break through the negative trend in the afternoon. Also some volume of stats came out on Europe during the day, but its contradictory nature did not manage to drive the attention away from the news from U.S. As a result despite the gap down at the open, on the last trading day of the previous week the market did manage to close in slight positive.
Russian stock market daily morning report (February 19, 2010, Friday)
On Thursday the trades at the Russian share market began with the moderate optimism – quotes were upping only within the first half hour of trades against the background of positive close of the foreign markets. However after the first half hour the market turned around and began lowering. Evidently, the oil price reduction was the reason due to having changed the mood of the investors. Besides, the weak macroeconomic stats of the U.S. did not add optimist either – the output data turned out to be a lot worse than expected. All that resulted in the Russian principal indices having closed within the red zone. Along with that, we should outline some remarkable shares. First of all that would be the shares of Rosbank. There was a statement on Thursday on the merger of the Russian bank assets of Interrosa (shareholder of Rosbank) and Societe Generale, which leaded to quotes growth of Rosbank by 29%. On the other hand, the shares of Sberbank looked bad having dropped in price due to announcements on having no reason to up the dividends of Sberbank and VTB.
Russian stock market daily evening report (February 18, 2010, Thursday)
Under the affect of oil getting cheaper and weak stats from the U.S. on Thursday the Russian grounds closed the day negatively. However, no aggressive purchases were indicated. Rosbank grew in price sharply due to news on merging with SG. Serious drop was on Sberbank due to “no reason to up the dividends”.
Russian stock market daily morning report (February 18, 2010, Thursday)
On Wednesday no remarkable trends were indicated at the Russian share market. The day was full of searching any investment ideas, and the trades were volatile. In the morning Russian participants preferred mostly buying against the background of negative close at Asian and American grounds. Purchasing was also supported by strong results at the commodity market in both: oil and metals sections. Later on the market went laterally within the positive zone before the stats from the U.S. came out. As the data on U.S. industrial production in January (0.9% growth) and the number of newly-built houses (2.8% growth has been output, correction began at the Russian share market and all highs that have been reached before that got lost. Even considering the fact that the stats came out being better than forecasted, still the idea “buy when rumors, sell by fact” did its thing. Russian trade participants preferred to fixate the share of profit they accumulated during the few past days. At the trades close the RTS index did not get far from the previous day close value. And the short-term trend moves might be characterized as consolidation with an opportunity of high, especially due to technical factors.
Russian stock market daily evening report (February 17, 2010, Wednesday)
Consolidation was indicated at the Russian share market after growth yesterday. Since morning against the climbing trend was indicated at the Russian share market and far abroad after the output of stats on industrial production and the number of newly-built houses in the U.S. in January, Russian participants preferred to fixate a share of profit they accumulated within the recent days.
Russian stock market daily morning report (February 17, 2010, Wednesday)
On Tuesday the Russian share market opened with active climbing against the positive external: Asian markets opened positively, reacting to the positive corporate news, signaled on gradual recovery of the global economy. Also the prices were upping at commodity markets, oil in particular, using dollar weakening versus euro against the background of raising uncertainty on Greece. As a result by noon the RTS index has already broken through the level of 1,400 points and the principal chips were adding from 0.8% to 2.3%. Mainly the metallurgy, oil-and-gas and bank sectors were upping. Later on the market stood at the reached levels, having slightly upped by 3 pm. Then correction came to the market being caused by the weakening of optimism at the European exchange grounds, in particular due to reduction of index of economic trust throughout Europe lower than forecasted by analysts, and still due to the uncertainty on Greek problem. As a result the RTS index went below 1,400 points again, however, the extremely positive oil price dynamics overweighed the bears’ mood and by the end of the session the market reached out to the daytime high.
Russian stock market daily evening report (February 16, 2010, Tuesday)
The Russian market opened on Tuesday with active growth against the positive foreign background: Asian markets opened positively. Also the prices at the commodity markets were climbing, oil prices in particular, using dollar weakening versus euro against the background of uncertainty reduction concerning Greece. As a result closer to noon the RTS index broke through the level of 1,400 points. Correction followed in the afternoon, being caused by weakening of optimism at European exchange grounds, particularly due to the lowering of economic trust index throughout Europe worse than forecasted. However, extremely positive dynamics overcame the “bear” mood and by the end of the trading session the market reached the daytime maximums. At the same time the turnover was relatively low.
Russian stock market daily morning report (February 16, 2010, Tuesday)
The new week started for the Russian share market with cautious purchases, which seemed to be reasonable after almost a week-long reduction. At the same time the foreign background was relatively contradictive. On one hand, the oil prices were under pressure of the data on fuel supply in the U.S. On the other, the European exchange indices were climbing up against the background of good report by Air Liquide, and also the corporate news from British Airways and Iberia Lineas Aereas. Besides, the alarms on PIG states’ economies eased up. As a result, FTSE, DAX and CAC40 added about 0.5% during the day. Finally the positive trend was indicated on behalf of the futures for the American indices, Along with that the trade volume was not at high levels, which was due to a day-off in the U.S. At the same time the principal activity was focused on the shares of Sberbank and Gazprom. The volume of deals on the other shares was insignificant.
Russian stock market daily evening report (February 15, 2010, Monday)
During the day cautious purchases were indicated at the Russian share market against the indefinite foreign background. On one hand, the oil prices were under pressure of the data on fuel supply in the U.S. On the other, the European indices were climbing up against the background of good corporate reports, weakening of alarms on PIG states’ economies, and also the talks on keeping the interest rate by CB of the Eurozone at the low levels. Finally the future of the American indices went positive. Aside all that, activity of players was not high due to a holiday in the U.S. Mainly interest was focused on Sberbank and Gazprom.
Russian stock market daily morning report (February 15, 2010, Monday)
The last day of the trading week at the Russian share market was totally under control of the foreign factors. Since morning the trades were lightly positive. But in the afternoon the mood of the players changed radically against the background of China worsening the norm of reserving on deposits and the launch of getting the assets of the state funds from the risky American assets. The weak stats that came out around 1 pm on European GDP and industrial production have only added gas to flames having provoked selling even more shares. The stats on increasing retail selling in the U.S. provided the players with grounds for optimism, which has unfortunately turned out not to last long against the former problems of PIG states.
Russian stock market daily evening report (February 12, 2010, Friday)
The trades at the Russian market began on Friday with slight growth. But the news from China and European stats together with former problems of PIG states did not give a chance to the market. Even the positive stats from the U.S. did not smooth the drop. Positive mood drove the market within the most part of the day. Chinese factor made only a short-term impact having kicked out only the most nervous players. The essential game went on the notes of RZD (15th, 23rd and MB-1), and also both new issues of Rosselhozbank. By Friday results the notes of 1-2 echelons added 10-20 b.p. The upping of reserving norms by the Central bank of China made a limited affect. Sort-term selling in the sovereign issue Russia 30 changed to purchases, which allowed the loan to close a bit lower than the level of 113% on the nominal.
Russian stock market daily morning report (February 12, 2010, Friday)
On Thursday the trades at the Russian share market began rather rapidly – the main Russian indicators upped by 1-1.5%. However in the afternoon the enthusiasm of the bulls was all gone against the background of the situation around European Union and Greece and the markets were dropping to the very close of the trading session. At the same time even the good stats on unemployment in the U.S. did not provide support to the markets. Considering the U.S. that opened negatively, the Russian indicators closed the day close the levels of Wednesday, the Russian indicators upped significantly on the messages on the establishment of the JE with Fiat, and also due to the strong support of the enterprise created on behalf of the Russian government. Besides, significant demand was indicated in Volgatelecom. Shares of IRC were popular among the investors on the threshold of the reorganization of Svyazinvest, however, the demand is local and turns out to be in one or the other share from time to time.
Russian stock market daily evening report (February 11, 2010, Thursday)
Trades at the Russian share market on Thursday began with positive tune. Following the increased oil and Asian grounds the Russian chips moved up also. Reduction began in the afternoon due to oil behavior. Purchases were indicated in Sollers against the background of establishing a JE with Fiat, and also in Volgatelecom.
Russian stock market daily morning report (February 11, 2010, Thursday)
On Wednesday increased volatility was indicated at the Russian exchange market, indices varied within a wide range of values. At the beginning of the day the market slipped under the impact of indefinite stats from China and unclear dynamics in course of the Asian session. However in a couple of hours of trades confident growth was indicated at the market being warmed up by the oil prices that were climbing in the morning. Oil market growth in the morning has been caused by the weakness of the U.S. dollar against the background of short-term stabilization of the situation on South European states that suffer high budget deficits. If monitoring the whole dynamics of trades in Russia, note it being significantly correlated to the commodity market. So that is why the oil-and-gas sector pulled the indices to the previous day close levels as the oil went negative. There still are not enough domestic ideas at the market yet to play the game. We might just outline the telecommunication sector and its used-up idea on reorganization of Svyazinvest, among the sectors that possess their own driver. IRNC Holding is worth paying attention to – the market is full of rumors on the shares of the given company possibly getting included to the MSCI Russia index as a result of changes on February 11. Same thing might happen to Magnit. But the given company does not overweight oil-and-gas giants in the Russian indices, so the final result of the trades formed insignificant minus on the principal indices. Negative was added at the end of the day by the head of FED Ben Bernanke, who announced possible upping of the interest rate “soon”.
Russian stock market daily evening report (February 10, 2010, Wednesday)
On Wednesday the Russian market made a volatile session. At the beginning of the day support to the notes came from the climbing oil and weakening dollar to the currencies basket, later on under the impact of alarms about increasing rates in the U.S., which has been announced at 6:00 pm by the head of FED Ben Bernanke, the indices changed and dropped hard.
Russian stock market daily morning report (February 10, 2010, Wednesday)
The Russian share market opened with a gap up due to expectations of the positive dynamics at the global financial grounds, and the hope for possible support to Greece from the European Union, and also climbing at the commodity markets. So the oil price exceeded 70 USD. Plus we should not forget about the common correction after a long fall. However after the rapid high, lateral motion began dominating the market with low turnover volumes, indicates that the investors are cautious. During the day the principal chips were climbing by 0.5-2% average. Among the leaders were the oil shares, industry and bank sector. Note that the industrial sector grew mainly on behalf of Sollers shares basing on the news on the open of the joint enterprise with FIAT concern.
Russian stock market daily evening report (February 09, 2010, Tuesday)
After the gap up at the open, the Russian share market started showing lateral moves with reduced trade volumes. As a result the RTS index has finally climbed up, which can be explained by the common correction to the recent drop, expectations of positive dynamics at the global financial markets, along with growth at the commodity markets.
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Russian stock market daily morning report (March 12, 2010, Friday)
On Thursday the trades at the Russian share market went without any trends and the indices varied little, however still standing higher than the psychologically important level of 1,500 points of the RTS index. Mainly that was due to the relatively calm foreign background – Europe and U.S. did not show any kind of serious variations at the markets, commodity grounds were trading calmly also. News from Russia was not aggressive either and there were no trade ideas. No serious price highs or downs were indicated at the most liquid shares’ costs. Along with that we might outline the shares of Uralkaliy, which upped in price due to the statements by Igor Sechin on the matter of export duty for the potassium fertilizers not being discussed in the government yet.
Russian stock market daily morning report (March 11, 2010, Thursday)
As expected the lateral motion was indicated at the Russian share market on Wednesday. Up until the middle of the day the market was climbing basing on the good stats on the Chinese economy, in particular, on the volume of export and import in February. Given estimates showed growth of commodities import to the state, which has been supporting both the oil market and the industrial metals market. And that in its turn supported the companies within the same sectors. Later on sale prevailed at the market that might be characterized as attempts to fixate profit after the recent seven days of trades. As a result, closing of the Russian markets took place within the red zone. Among the interesting ideas of the past day we might outline the shares of Gazprom Neft, which were the drop leaders at MICEX due to the weak financial report for 2009 by US GAAP, and also the technical sale in the shares of Sberbank because of growth of its shares’ cost within the past days.
Russian stock market daily evening report (March 11, 2010, Thursday)
Calm trades almost with no idea with narrow variations of quotes took place at the market today. The oil, foreign markets, stats on the U.S. - all given factors did not provide optimism to the investors. The most interesting motion was on Uralkaliy due to statements by Sechin on the matter of export duties for fertilizers not being considered yet.
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Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Rostelecom: Prospects are limited again, 11 November 2009
On Monday Rostelecom summed up the results of 1H 2009 by IAS. According to the report, the sales within the half year year grew by 4.4% versus 1H 2008 and formed 32.8 bn RUR. Net profit dropped from 9.8 bn RUR to 1.5 bn RUR. OIBDA margin reduced by 7.6 p.p. to the level of 17.6%.
| | Russian News |
MMK, TMK, KamAZ, Volgatelecom news briefs, 21 December 2009
VTB releases neutral 9M 2009 IFRS results, 21 December 2009
Gazpromneft, Tatneft, MMK news brief, 17 December 2009
LUKOIL wins right to tap Iraq's largest oilfield, 16 December 2009
Evraz , Sberbank, OGK-3, Sibirtelecom news briefs, 16 December 2009
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