09 June 2004 09:31
Growth ideas run out on stock market
MOSCOW. June 9 (Interfax) - Growth ideas ran out on the Russian stock market as the benchmark RTS index approached
600 points.
The RTS was up 1.14% to 592.77 points.
The news about ConocoPhilips provides a good stimulus for the
As of 2:00 p.m., Moscow time, on the RTS, only Lukoil had made a significant gain of 3.1% to $28.05, following news
that ConocoPhilips plans to buy a 7.6% stake in the company. Other shares went up and down by up to 1.9%.
Attempts by Lukoil management to expand the authority of
independent directors will have a good influence on minority
entire stock market and the fact that the government stake in Lukoil is likely to be sold in one lot will not
dissolve the amount of shares traded. The price for the government stake, amid favorable conditions, could exceed $30
per share, which will encourage the shares to go up to at least this level.
shareholders, said Anatoly Kaplin of the Aton brokerage. The interest shown in the Lukoil shares stirred some gains
in the morning, but overall there are no ideas on the market, Yegor Krotkov, equities manager at Trinfiko, said.
"It is difficult to say whether Lukoil shares will climb to $30 - in the last experience of a Lukoil asset sale the
shares fell before the auction. It will be good for the market if the government package is sold in the west in one lot
because the shares will remain with a strategic investor and will not go out on the domestic market," he said.
"If the package is split and sold to Russian investors they will try and make a profit from the purchase and put
the shares out on the market immediately, which will inflate the shares and lower quotes," he added. "Lukoil
is one of the best oil companies in Russia and its shares have almost caught up with Yukos in terms of influence on the
rest of the market. The RTS stock index will be calculated by a new method starting July, which will take into account
the amount of shares floating freely and I think that Lukoil will have an influence of about 30% on this
indicator," said Alexei Nikogosov of Veles Capital said. The market growth that has dominated over the past few
days has slowed down and time will show which way the market will turn. The 600 points mark on the RTS index is a
powerful and important level of resistance and it is not possible to immediately beat it, he said. "The market is
gradually distancing itself from Yukos - the reaction of other shares to news of court hearings on Yukos tax debts is no
longer so considerable," Ivan Dorofeev of Olimpiyskiy bank said.
On the RTS, prices went up 0.4% for Mosenergo, 1.9% for Rostelecom, 0.9% for Sibneft, and 1.5% for Surgutneftegas,
but down 0.4% for Unified Energy System to 27.6 cents. Norilsk Nickel, Sberbank and Yukos remained unchanged.
Trading volume was at $10.204 million on the RTS (including $5.09 million in direct deals), and 7.234 billion rubles
on the MICEX.
Gazprom shares on the St. Petersburg went up 0.4% to 57.02 rubles in volume of over 12.021 million shares.
The S&P/RUX composite ruble index climbed 1.15% to 733.78, and the index in dollars added 1.19% to 150.69.
The MICEX composite rose 0.33% to 545.47. [RU ASIA EUROPE EEU EMRG STX MET ENR ELG TEL E BNK INSI] me
[Interfax] |
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