As a result of trades 15.07.2009 MICEX index of power-added 3% and closed at around 1,564. The volume of trading Tuesday, compared with the level increased slightly. Stock Quotes sector showed the largest companies in the eve of the positive dynamics: the value of securities FGC UES increased by 3.9%, stock quotes, RusGidro added 2,3%, the paper IDC Holding went up in price by 1,5%, shares Mosenergo went up by 6.1%, paper, Inter RAO UES , went up by 4.4%.
We note WGC-6 shares, which yesterday became the leaders and showed an increase of 10% during the trading day, considerably ahead of the rest of the paper generating sector growth which, on average, was 4%. We believe that growth factors securities WGC-6 were, mostly technical in nature: at the moment it is the cheapest WGCs at a rate of EV /installed capacity. OGK-6 is traded on the $ 53/kVt against the average for the rest of WGCs $ 123/kVt. However, we believe that the discount to the WGC-6 analogs justified, because of less efficientgenerating assets of the company. Thus, we see limited potential for future growth for the WGC-6 and to maintain our HOLD recommendation.
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