A director at TBC Bank Group sold 3,580 shares at 4,370p and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
MARKET COMMENT - GRIM DONBASS HEADLINES, HOPES FOR A PRESIDENTS' SUMMITThe RTS fell 4% on Friday to 1,391 following bearish headlines from southern Russia and eastern Ukraine late in the afternoon. Global markets were also soft, the MSCI ACWI slipping 0.9%. Russia assets are higher early this morning, corresponding with news of a more mixed global environment and hopes for a summit between the Russian and US presidents. STORIES> Sharp escalation in tensions ahead of diplomatic meetings this week...
КОММЕНТАРИЙ И ПРОГНОЗ - ПЕССИМИСТИЧНЫЕ СООБЩЕНИЯ О СИТУАЦИИ НА ДОНБАССЕ, НАДЕЖДЫ НА САММИТ ПРЕЗИДЕНТОВ РФ И СШАИндекс РТС в пятницу упал на 4% до 1 391 пункта после появления к вечеру пессимистичных сообщений о ситуации на востоке Украины. Глобальные рынки также снижались, индекс MSCI ACWI отступил на 0,9%. Сегодня утром российские активы растут в цене на фоне сообщений о неоднозначной ситуации на глобальных рынках и надежд на саммит президентов России и США. НОВОСТИ> ВВП России в 2021 году увел...
MARKET COMMENT - HIGHER INDICATORS THIS MORNING AFTER POLITICAL REMARKS, MAGNIT DEAL DOMINATED NEWS FLOWA 2.3% drop on the RTS left Russia the globe's weakest EM yesterday, coinciding with weakness across the EM basket in the late hours of Moscow's main session and foreign policy remarks from President Vladimir Putin. Markets elsewhere were mixed, the MSCI ACWI ending flat. Global and Russia indicators are mixed this morning, while investors will be digesting the stock and index implications of ...
CIS EUROBOND MARKETRussian sovereign and corporate Eurobond quotes saw minimal changes yesterday. Activity was concentrated in Evraz, Lukoil and NLMK issues, though only the Nordgold 24 saw any kind of notable movement (it added 0.2 pp in price). In the rest of the CIS sovereign Eurobond market, trading was also flaccid. The Belarusian sovereigns were outliers with their 0.1-0.3 pp losses for the day (support from local investors has faded recently).GOVERNMENT DEBTOn the day, OFZ yields rose 1-2...
MARKET COMMENT - US TEMPTING A TAPER TANTRUM; RUSSIAN RESULTS, MSCI IN FOCUSA mixed early part of the day gave way to notable declines after the Fed minutes revealed the FOMC is more ready to taper asset purchases than some investors may have expected. The dollar has risen and stock and commodity prices have fallen since then, and the outlook remains weak this morning. Results from six companies, possible MSCI 10-40 shifts and US jobless claims are also on today's agenda. STORIES> Weekly inflati...
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 - RUSSIA-US MEETING, OIL DATA, FED MINUTES AMID FRAGILE GLOBAL MARKETSMarkets saw mostly gains until a weak US session, where key indexes declined 0.6-0.9%. Concerns about growth and inflation again dragged on the US. Russia outperformed, the RTS rising 1.5% to 1,575. Meanwhile, in focus today are several results releases, a likely meeting between Russia's and the US's top diplomats, oil data and news flow, and the Fed minutes. STORIES> Media: Biden to waive sanctions for now agai...
CIS EUROBOND MARKETOver the first two days of this week, despite the absence of local investors Russian Eurobond quotes moved lower on the back of rising US Treasury yields. The largest moves came at the long end of the curve, where the Russia 43 and 47 both lost 1.6 pp. GOVERNMENT DEBTThe OFZ market was quiet on Monday and Tuesday with Russian investors away for a national holiday. Despite the sharp rise in real US Treasury yields and negative external backdrop, a stronger ruble thanks to FX se...
MARKET COMMENT - FED, US/EU VIEWS ON RUSSIA, US STIMULUS, DIVIDENDS IN FOCUSGlobal markets were weaker than not over Russia's long holiday weekend, the MSCI ACWI declining 0.7%. The RTS fared better, edging up 0.6% to 1,455 thanks to a strong performance on Friday. Fed testimony is due today, and discussions on the US's and EU's views of policy toward Russia are due every day this week.STORIES> Government resumes discussing tax incentives> Gazprom CFO gives reassurance on dividends, leverage dec...
MARKET COMMENT - STRONGER GLOBAL INDICATORS, FLAT RUSSIA INDICATORS, POLITICAL HEADLINESThe MSCI EM edged down 0.4% and RTS 0.1% on a mixed day for markets. Europe charged ahead with a 1.5% gain in MSCI terms. Yesterday's news flow and today's agenda are dominated by remarks from government officials in Russia and elsewhere, all detailed inside.STORIES> Polyus 2Q20 IFRS results: Strong as expected> Georgian banks: Closing long trade idea> MHP: Headwinds behind, recovery may drive re-rate> Nation...
We are closing the long trade idea on Georgian banks that we opened on August 11 prior to the 2Q20 reporting season. > How has the trade idea performed? Since publishing the report, Bank of Georgia and TBC Bank are up 12% and 9%, respectively, in dollar terms. By comparison, Halyk Bank is up 2%, while the RTS and Sberbank are down 6% and 9%, respectively. > Why are we closing the idea now? We issued the trade idea heading into the 2Q20 reporting season given that we expected the market to apprec...
In this uniquely challenging year, Russian banks made it through 1H20 in better shape than had been expected at the height of the lockdown. In this report, we try to connect the dots on the outlook going forward. We pick out 10 things we can learn from recent results and also take a look at what does and doesn't excite us about our covered stocks. We expect three of the four main traded banks (VTB being the exception) to post a H-o-H earnings improvement in 2H20, with TCS and BSPB looking on tra...
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГВ начале недели из-за Ñитуации в БелоруÑÑии роÑÑийÑкие активы находилиÑÑŒ под давлением, но вчера они чаÑтично отыграли Ñти потери. Ðе Ñтали иÑключением и роÑÑийÑкие Ñуверенные еврооблигации: по итогам торгов длинные выпуÑки выроÑли на 1,5-1,7 п....
CIS EUROBOND MARKETRussian sovereign assets broadly recovered yesterday after coming under pressure on Monday from the situation in Belarus. Long-dated sovereign Eurobonds closed 1.5-1.7 pp higher.GOVERNMENT DEBTThe OFZ market sought to stabilize yesterday in the wake of Monday's sharp losses. The Finance Ministry's decision to cancel this week's auctions helped the situation and caused yields to ease 5 bps. By the close, yields were 7-10 bps lower on the day. Turnover was up at R25 bln.STORIES>...
MARKET COMMENT - SLIGHT GAINS FOR GLOBAL AND RUSSIAN STOCKS; BELARUS REMAINS IN FOCUSThe MSCI EM gained 0.5% and RTS 0.2% (to 1,312) as global markets saw muted gains, a trend that continues today. Belarus, OPEC+, and various US political stories dominate news flow this morning. STORIES> Consumer spending growth improves in week to August 16> Tatneft BoD recommends dividend of R9.94 per share for 1H20> Moscow Exchange 2Q20 IFRS preview: Looks like a good quarter> TBC Bank 2Q20: Profitability bac...
MARKET COMMENT - SIGNALS OF CONSOLIDATION, US VICE PRESIDENTIAL CANDIDATE, AND MSCIMarkets gained earlier in the day, a 2.2% rise on the RTS to 1,296 being one of the best results. Performances soured during the American session, with a stalemate in US stimulus negotiations widely blamed as a trigger. The announcement of Senator Kamala Harris as the US Democratic nominee for vice president is unlikely to alter sentiment, in our view. Tonight's MSCI review is an obvious point of focus, while eyes...
We are opening a long trade idea on Georgian banks before they report 2Q20 results next week. > Rationale. We think an important near-term driver for the Georgian bank stocks will be the 2Q20 IFRS results, which are due next week (for TBC Bank on August 18, for Bank of Georgia TBD), as well as the updated operating outlooks from the management teams. Having posted sizable losses in 1Q20 on very high up-front provisioning, we think both banks will bounce back with good profitability in 2Q20 - we ...
MARKET COMMENT - US STIMULUS PROMISES, SINKING DOLLAR SUPPORTED GLOBAL MARKETSAfter intraday turbulence, the MSCI EM gained 1.2% and MSCI World 0.9%. Russia fared similar to peers, the RTS gaining 0.8% to 1,266. Rising expectations of a dovish message from the Fed and another massive US fiscal stimulus program have suppressed the dollar and supported most other assets, especially gold. STORIES> Lukoil joins upstream project in Senegal> Gazprom Neft to see substantial gas output boost> Rusal 2Q20...
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГÐа рынке роÑÑийÑких Ñуверенных еврооблигаций в понедельник преобладал позитивный тренд. Лидерами роÑта по итогам Ð´Ð½Ñ Ñтали РоÑÑиÑ-47, подорожавшие на 0,6 п. п., РоÑÑиÑ-43 прибавили в цене 0,4 п. п.ГОСУДÐРСТВЕÐÐЫЕ ЦЕÐÐЫЕ БУМÐГИÐктивноÑть на рынке ОФ...
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