The independent financial analyst theScreener just lowered the general evaluation of UNITED COMPANY (HKG) RUSAL (HK), active in the Non Ferrous Metals industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date March 18, 2022, the closing price...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера снижение доходности гособлигаций США привело к ралли на рынках суверенного долга развивающихся экономик. Россия выглядела гораздо лучше прочих развивающихся рынков, т. к. геополитический фон в последние дни значительно улучшился. Больше всего выросли котировки трех индикативных выпусков: Россия-47 (плюс 1,7 п. п.), Россия-28 (плюс 1,6 п. п.) и Россия-35 (плюс 1,3 п. п.).ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИДоходности ОФЗ вчера снизились на 2-3 б. п. благодаря дальнейш...
CIS EUROBOND MARKETA pullback in UST yields translated into a strong rally across EM sovereign Eurobonds yesterday, and Russia outperformed EM peers as geopolitical sentiment has considerably improved over the last few days. The three benchmark issues showed the biggest gains, the Russia 47 up 1.7 pp, the Russia 28 up 1.6 pp and the Russia 35 up 1.3 pp. GOVERNMENT DEBTOFZs fell 2-3 bps in yield yesterday thanks to further ruble appreciation and better than expected auction results for the 14y no...
DGAP-News: RUSAL PLC RUSAL opens new low-carbon aluminium smelter in Taishet 17.12.2021 / 08:10 The issuer is solely responsible for the content of this announcement. RUSAL (SEHK: 486, Moscow Exchange: RUAL) a leading global aluminium producer, opens the first phase of the world's most advanced low-carbon aluminium production plant, Taishet Aluminium Smelter (TaAZ), in Taishet, Siberia, further demonstrating RUSAL's commitment to decarbonization of its operations and consumer product chains. The state-of-the-art smelter is one of the greenest in the world, operating on cle...
MARKET COMMENT - CYCLICALS CHARGED AHEAD YESTERDAY, CONSOLIDATION SIGNALS TODAYMarkets tended to bounce back, with notably strong performances in cyclicals and US small-caps. The MSCI EM was flat, held back by a 0.4% drop in China. The MSCI DM gained 0.5%. Russia outperformed, the RTS climbing 1.3% to 1,867 with gas and financials among the leaders. While few global catalysts have emerged this morning, APAC markets are following domestic developments, and global and Russia indicators suggest a b...
CIS EUROBOND MARKETRussia's sovereign curve traded in the red yesterday in response to higher US Treasury yields and a pickup in geopolitical risks. The Russia 47 widened 3 bps in yield (-0.7 pp in price), while yields along the rest of the curve climbed 1-2 bps. In the non-investment grade segment, Ukraine was the main laggard, the sovereign curve shifting 10-20 bps higher.GOVERNMENT DEBTThe inversion of the OFZ curve eased somewhat yesterday, as yields rose 2-9 bps at the short end and 10-13 b...
MARKET COMMENT - INFLATION CONCERNS WEIGH ON STOCKS, COMMODITIESThe MSCI ACWI fell 0.5% as tailwinds from earnings coverage faded and markets returned to concerns about global growth and inflation. Cyclical sectors were under particular pressure, and this was reflected in a 1.3% fall for the RTS to 1,891. Today's APAC session is seeing a continuing decline in stocks and commodities, while a heavy results calendar, the ECB decision and Moscow's "non-working" period are in focus today.STORIES> Ind...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГНаибольшие изменения вчера продемонстрировали украинские суверенные еврооблигации: их доходность опустилась на 2-8 б. п. Кривая доходности суверенных еврооблигаций Белоруссии снизилась на 1-7 б. п. Лучше всего выглядели выпуски Белоруссии с погашением в 2026 и 2027 годах: они по-дорожали на 0,2-0,4 п. п. Российские еврооблигации по-прежнему торговались в узком диапазоне. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИДоходность ОФЗ вчера в начале торгов вновь выросла - более чем на 1...
CIS EUROBOND MARKETUkraine was the main mover among FSU sovereign Eurobonds, the issues dropping 2-8 bps in yield. The Belarusian curve nudged down 1-7 bps yield-wise. Meanwhile, the Belarus 26 and 27 fared the strongest, appreciating 0.2-0.4 pp in price. Russia remained stuck in a tight trading range.GOVERNMENT DEBTYesterday, the OFZ market once again opened with yields moving higher by over 10 bps, although the losses were subsequently partially pared due to the lack of new selling interest fr...
Due to the transition of coverage to a new analyst team, we are putting all of the stocks under our coverage in the metals and mining sector UNDER REVIEW until further notice. Accordingly, we are withdrawing our target prices and recommendations for these stocks.
MARKET COMMENT - A GENTLY HAWKISH FED FAILED TO OFFSET STOCK GAINSStock markets trended slightly higher, and the US managed to hold on to a 1% rise even after the delivery of a gently hawkish message from the Fed on tapering asset purchases. Russia was one of the best performers, the RTS rising 2.1% to 1,747. AmCham's conference, several central bank decisions and reports, and US data releases are among items that may be of interest to investors or affect markets today.STORIES> US draft amendmen...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВ пятницу изменения цен на рынке еврооблигаций региона по-прежнему были незначительными. В российском суверенном сегменте Россия-36 Е, Россия-42 и Россия-47 прибавили по 0,2 п. п. Среди прочих суверенных еврооблигаций региона продолжалось ралли в выпусках Белоруссия-26 и Белоруссия-27, подорожавших соответственно на 0,3 п. п. и 0,5 п. п. (смотри обзор "Долговые рынки сегодня" от 10 сентября). В корпоративном сегменте цены по итогам торгов остались вблизи предыдущих...
CIS EUROBOND MARKETThe FSU region's Eurobond market continued trade without strong movements. Among Russian sovereigns, the Russia 47 and 42 climbed 0.2 pp, as did the Russia 36 E. Elsewhere in the region, the Belarus 26 and 27 added 0.3 pp and 0.5 pp (see our Debt Markets Today from Friday). Corporate issues, meanwhile, were mostly flat on the day.GOVERNMENT DEBTOFZ yields declined in response to the CBR decision and subsequent rhetoric, the curve shifting 2-5 bps lower by the end of the day. ...
MARKET COMMENT - HINTS OF DIP-BUYING, MSCI, MERKEL'S VISIT AND RESULTS ON THE AGENDARising chances for a near-term tapering of Fed asset purchases sent stock markets downward yesterday, the MSCI EM and RTS (1,636) declining 2.3-2.4%. APAC markets remain weak today, though other index futures and commodities offer some hints of investors stepping back in to buy the dip. MSCI's 10-40 decision (Novatek replacing Nornickel), German Chancellor Angela Merkel's visit to Moscow and company results are i...
MARKET COMMENT - CHINESE, US CONCERNS DRAG ON INDEXES; RUSSIA OUTPERFORMSSluggish Chinese growth indicators and talk of the Fed tapering asset purchases provided markets with plenty of reasons for caution. The MSCI ACWI slipped 0.2%. Russia was an outperformer with a 0.5% gain on the RTS to 1,674. Internet and energy stocks fared best, with particular gains for Yandex (+2.3%) and Novatek (+2.2%). Indicators look weak across the globe this morning.STORIES> European gas prices hit new records on r...
CIS EUROBOND MARKETTrading activity in the CIS Eurobond market remained weak on Friday, despite the rally in US Treasuries. Quotes on Russia's long-dated sovereign issues closed 0.2-0.3 pp higher, albeit on thin volumes. The most heavily traded issues were the euro-denominated papers due in 2025, 2032 and 2036.GOVERNMENT DEBTOFZ yields traded sideways in the first half of Friday's trading session and then fell 2-4 bps in the second half on somewhat dovish comments from the CBR about signs of an ...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВ пятницу на рынке еврооблигаций региона активность была невысокой, несмотря на ралли в гособлигациях США. Цены долгосрочных выпусков России поднялись на 0,2-0,3 п. п., однако объемы были незначительными. Наиболее популярными оказались выпуски, номинированные в евро (с погашением в 2025, 2032 и 2036 годах).ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВ первой половине торгов в пятницу доходности ОФЗ оставались неизменными, а во второй - снизились на 2-4 б. п., отыгрывая мягкие комм...
MSCI will release the results of the August quarterly rebalancing after markets close tonight. The rebalancing comes into effect after markets close on Tuesday, August 31. We expect MSCI to use a market cap threshold of $4.3-4.5 bln for Russia. This implies no companies enter or exit the MSCI Russia Standard Index, and we do not anticipate other material changes to the index at this time. Meanwhile, in this note we look ahead to some potential changes for November and beyond. The scenarios are s...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
MARKET COMMENT - JULY ENDS ON A WEAK NOTE; GLOBAL OUTLOOK BETTER, RUSSIA FLAT TODAYGlobal markets ended July on a low note, the MSCI ACWI down 0.7% and RTS (1,626) down 0.8%. US-China and tech sector concerns drove declines, perhaps along with monthly window-dressing. Global indicators are better this morning, but Russia numbers are flat heading into the open. STORIES> Finance Ministry provides general update on oil tax changes> Tatneft reports solid 2Q21 update> CBR increases risk weights for h...
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