The market believes in the best. Against the background of receipt of new signals normalize the global economy and the growth of appetite for risk Russia's market capitalization has doubled since the beginning of the year. Ongoing assessment of the RTS index at 12 P /E 2010 - almost 2 times higher sredneistoricheskih values and reflects the belief of the market in rapid recovery of corporate profits.
GDP growth may begin in December. Favorable market conditions in commodity markets, coupled with vigorous actions of public authorities to promote economic activity, as well as the low base in 2008 will contribute to the restoration of real sector of Russia in the fourth quarter. In implementing the optimistic scenario the dynamics of GDP in the same period the previous year can become positive in December.
Factor liquidity will continue to dominate … Taking into account the gradually intensifying inflation risks, we expect that investors will continue to diversify their dollar assets, which will facilitate the flow of additional investment in the commodity and emerging stock markets. This trend is doubly positive for Russia's market, because the proportion of raw materials companies in the RTS index exceeds 70%.
… but further growth will require new evidence of economic recovery. High market multipliers and 100% rise in the RTS YTD increase the risk of market corrections, the catalyst which can become frustrating investors about the prospects for rapid recovery. We believe that in the face of continued weak consumer and investment demand, government support measures are crucial for effective recovery of the economy.
Sectors in focus. We recommend that investors maintain positions in oil and gas sector most sensitive to the inflow of investments, particularly highlighting Gazprom, Lukoil and Transneft. Reorganization of the sector fixed-line should be a catalyst for the growth of interest in the industry, as the most attractive investment objects we distinguish preferred shares of Rostelecom, Dalsvyaz and Volgatelekoma. Segment power generation can also look better than the market in the 4th quarter, against the approval of new investment programs and control parameters, our favorite, WGC-2.
growing demand for 2-nd tier. Growth investors appetite for risk will contribute to a gradual shift in market focus towards mid and small capitalization. Among the second tier stocks still a number of interesting investment opportunities that can bring a three-digit rate of return in 1-2 years. We recommend investors to rely mainly on infrastructure companies, and especially emphasizes: Mostotrest, Vyksunskij MH, MK Asha and Vyborg NW.
ability to monitor real transactions experienced traders we have in the Trade Ñenter. Choose your strategy and get connected.
| log in and see the material;;
Your score will be the first! |
|
More and more insurance companies deny payments to its customers in … To get rid of the capital's real estate collateral, banks are willing to reduce its cost …
Insurance case
Lump in the throat
The composite index of Asian stocks rising for the first 4 sessions
U.S. indexes rose on Monday after shares of banks and on the good statistics
Stabilization of the external background contributes to the majority of Russian securities, the MICEX index adds more than 2%
The disappointing economic data and the excess reserves could lead to the fact that oil prices will sink to $ 65-75 per barrel
Speculative recommendation on shares of Polyus Gold , Gazprom, Lukoil, Sberbank and VTB
Domestic investors will give in the auction on Tuesday preference shares of commodity companies and banks
At Russia's stock market is expected to continue growing at least until the opening of American sites