17:23Lavish offer to TGK-10 shareholders about to expire
The buyout offer to TGK-10 shareholders, made by the Finnish Fortum energy concern, is to expire on July 18, 2008. Investors are advised to make use of this offer.
12:30VTB publishes robust financials for 1Q 2008
The 1Q 2008 financials published by the VTB bank have demonstrated growth in line with the market, on one hand, and a jump in revenues from lending operations on the other. The loss on operations with securities was anticipated beforehand. In general, the financials outpaced expectations, which will benefit the bank's stock valuations in the short term. However, in the mid term, unfavorable conditions on world financial markets will continue to exert downward pressure on VTB stock valuations.
10:40Moody's upgrades credit ratings for Russian banks
Moody's has upgraded the credit ratings for the ten largest Russian banks. In our opinion, this should not have an impact on the banks' borrowing costs, since the market was aware of the improvement in these issuers' financial health, and Moody's has just confirmed the information.
10:36Acron announces the start of a road show
In our opinion, Acron’s decision not to disclose a price range for the forthcoming SPO will not influence its outcome. The company will likely place the shares above their current market value, which is confirmed by the high valuations from the underwriters. The successful placement will also benefit Dorogobuzh, which, by selling part of its shares in the holding company, will get funds to develop and boost profits, which is to be beneficial for the holders of preferred shares, on which high dividends are expected.
Dorogobuzh Common shares:
Price: $0,83 Preferred shares:
Price: $0,61
10:09Trade in Inter RAO shares gets underway
On July 17 the MICEX and RTS stock exchanges will begin trade in Inter RAO shares at a starting price of RUB 0.02 per share. We expect a technical correction at the start of trade and highly volatile trade in the shares until the end of 2008.
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