Today, continued decline of commodity stocks, the market can look better “telecom”
By admin at 5 March, 2010, 12:16 pm
On Friday, Russia"s stock index recorded growth, facilitated by good economic statistics from the U.S. and optimism at the opening of U.S. markets: RTS (0,9%), MICEX (0,9%).
Among the stocks of oil and gas sector there has been a mixed dynamics: the growth of Gazprom"s shares have shown (2.3%) on news of the settlement of the conflict with Poland, as well as Lukoil (1.9%) on news of the discovery of new deposits in the Perm region. Reduction of the shares of Surgutneftegaz (-1.5%) and Rosneft (-0,5%) was mainly due to the situation with the tax benefits for deposits in eastern Siberia, until that period of eligibility is limited to 1 March 2010. Equity Russian banks grew better than the market: VTB Bank (1.5%), Sberbank (1.5%), which is probably due to the strengthening of Russia"s currency. Shares steel companies dropping the pressure of the potential correction in prices for steel products: Severstal (-0.2%), NLMK (-0.8%), MMK (-0.5%).
The American stock markets on Friday observed negative dynamics. S P500 index closed at the level of -1,0%. The worst stock market looked technological and commodity companies. Especially, we note that the market has been declining, despite the very positive statistics. The negative sentiment prevailing in Asian stock markets on Monday, reducing the key stock indices more than 2%. Strengthening U.S. dollar continues to put pressure on commodity markets: Brent oil futures approached the mark of $ 71 a barrel, to continue declining core group of metals.
According to our estimates, this morning"s background negative for Russian stocks. According to our expectations, the continued decline of commodity stocks. Better the market have a good chance to look "Telecom. Of the important statistics in the afternoon, expected to be published data on the costs of construction in the U.S. in December, the market expects slowdown in the fall.
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