27 April 2004 02:48
Yukos takes pounding on RTS (Part 2)
An announcement by Standard & Poors, which Tuesday said it revised
the implications of the CreditWatch status on its 'CCC' long-term
MOSCOW. April 27 (Interfax) - Yukos took a pounding on the Russian Trading System (RTS), falling 9.4% to $11.1 a
share - its lowest level since the start of February - following Monday's announcement that a syndicate of foreign
lenders had served the oil major with a Potential Event of Default notice on a $1 billion loan.
Yukos led the market down early Tuesday, but the oil company
started to correct on the MICEX by 12.00 p.m., gaining 1.8% to 326
ratings on the oil company to negative from developing in view of the lenders' notice, added to the misery for
Yukos, which had already crashed 10% on the Moscow Interbank Currency Exchange (MICEX) Monday evening when the RTS had
already stopped trading.
Dealers said the market had reacted emotionally to the Yukos news,
but that the slide would not turn into a crash. The slide also gave
rubles a share.
Other benchmark stocks shed 1.5%-4.8% in moderate trading on the RTS by midday Tuesday.
speculators a good chance to close short positions, and attempts to bid prices up again are likely in the rest of the
day.
The benchmark RTS index fell 3.24% to its early-March level of 664.05 by midday.
The S&P/RUX composite ruble index fell 2.8% to 807.08 and the index in dollars was off 2.92% to 165.85. The MICEX
composite was down 0.63% to 596.08.
On the RTS, quotes were down 4.2% for Unified Energy System, 1.5% for Sberbank, 3.3% for Lukoil, 2.4% for Rostelecom,
2.4% for Norilsk Nickel, 4.8% for Sibneft, 1.5% for Tatneft, 3.5% for Mosenergo and 3.2% for Surgutneftegaz.
Classical market trading volume was $9.298 million on the RTS - $5.498 million of it in direct transactions - and
MICEX volume was 4.8 billion rubles.
Gazprom shares on the St. Petersburg Stock Exchange fell 0.7% to 59.4 rubles in volume of 3.485 million shares. [RU
ASIA EUROPE EEU EMRG ENR CRU STX INSI BNK LOA WEU ELG MET NGS E] pr
[Interfax] |
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