Market Analysis

Government will support the Rosneft and Surgut

indexes MICEX and RTS confidently approached the symbolic threshold of 1000 points. The increase in the capitalization of Russian companies have contributed to both internal and external positive news. The main factor is the rise in oil prices, it is worth to recall that until quite recently, the pessimists had expected to decline to $ 50 per barrel. At the same time, in our view, is fundamentally fair to the corridor of $ 60-80 per barrel.

The group of creditors agreed to support the American Bank CIT Group, providing it with $ 3 billion This will allow CIT Group to avoid bankruptcy. However, even the bankruptcy of the financial institution would not be a tragedy for the market. The assets of CIT Group - 75 billion, Lehman Brothers - U.S. $ 700 billion In the event of bankruptcy CIT Group share of the bank in the market will easily replaced by competitors.

Home today's domestic news refers to neftyanki. Vladimir Putin signed a decree on the introduction of a special export duty on crude oil produced at fields in Eastern Siberia: Vankorskom gas-oil field, Yurubcheno-Tohomskom oil, Talakanskom oil field, including the Eastern bloc, Alin gas-oil, oil Srednebotuobinskom, Dulisminskom oil, oil Verhnechonskom, Kuyumbinskom oil, the North Talakanskom Oil, East-Alin oil, Verhnepeleduyskom gas condensate, oil and Pilyudinskoe Stanahskom oil and gas fields. Special customs duty introduced in nine years and shall enter into force two months.

bet the future of export duties is not clear, previously assumed to be zero. However, the need to budget money and the financial results of oil companies that are in crisis has been significantly better than expected, probably forced the government to go only on the discount, rather than zeroing fee. In the future probably remain a privilege, and the size of the discount will be increased /decreased depending on the situation with the income budget. The development of the above fields are Rosneft, Surgut and TNK-BP. Rosneft to start Vankor in autumn this year. Accordingly, this positive news for the shares of these companies. However, Rosneft is the only first-class chips. Surgut is not too clear, though, and cheap, but tankmen not very liquid. Our fair price for the shares of Rosneft - to $ 7.5

Forex on the European session
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European markets are growing