most beautiful - a score on the scoreboard

Price Brent today broke the mark of $ 70 per barrel rise in ensuring that stock market indices and, above all, the main oil and gas chips - Lukoil, Rosneft, Gazprom, Surgut. Trading securities are the front-runner LUKOIL. Trading Dynamics confirms our view the most attractive in the current situation of oil and gas sector in general and LUKOIL in particular. Today, Gazprom Neft to account for thesecond quarter by the standards of US GAAP. We appreciate the reporting Gazprom Neft as moderately negative, the results of the company were worse than expected in size and revenue and EBITDA exceeded expectations in terms of net profits at the expense of paper articles. However, given the already well-known market trends in the oil sector and the continuation of high oil prices, the impact of financial results for the capitalization of the company must be sufficiently limited.

Market growth leads to the closure of shorts, which pushes the gun up quotes. At the same time on the side of the bulls also fundamentalka, ie estimate based on the method of discounted cash flows. It is worth repeating. The investor buys shares of the company, which may be undervalued, even against the background of general economic downturn. Adoption of the economy increases, the stock should rise, the economy falls, then the action must fall, is stupid and pointless. At current prices of raw score based on discounted cash flows provides a corridor of the RTS index in 1300-1500 points. Discounted cash flow method is not perfect, but a better world is not invented.

growth index should, above all, ensure the paper Lukoil and Gazprom. Maybe soon the RTS index will go down in the zone of our fair assessment, ie be realized, our baseline scenario for the market recovery this year. He expected recovery in two phases, the first passage - 900-1200, second corridor -1300-1500 points on the RTS index.

Of course, asset management should take into account the risks the world economy, and, from our point of view, their is too early to dismiss. However, the money is real, not fictional world. To say that the dollar is bad, the U.S. Treasury defoltnet and reserves of Bank of Russia will soon drop to zero, will soon happen to the social revolution and Russia should immediately cease oil exports, equivalent to the statement coach the football team before the World Cup, that judges are bought, the rules are bad, but Gates curves, respectively, in the football game is not worth it. From our point of view is to adopt the rules of the game and try to win the cup, ie earn money. The most beautiful is the total financial result or score on the scoreboard.

At the heart of Russia's oil and gas recovery capitalization companies - soft Fed policy and therefore restore oil prices to reasonable levels, and reduced severance tax and income tax from next year, should also be noted that the oil exporters profited handsomely in the weakening of the ruble. All these factors were known at the beginning of the year, although we then talked about the conservative restoration of oil prices only up to 50-60 dollars /barrel. However, part of the public investment result of the above factors, the present value of companies, was a complete surprise. Year not yet finished, the judge has not yet given the final whistle, recording the result, however, the result of the game is becoming increasingly clear.

Opinion: Prohibition of foreign currency loans complicate the resolution of the crisis
Ministry of Finance and National Bank have agreed on the mechanism of transfer of assets and liabilities of investors-physical persons Ukrprombank to other banks
Comments that today will be at the OPEC will have a significant impact on oil prices
In the immediate area RTS futures on shares of companies of the banking sector has gone below zero
Against the background of growing cost of oil rising Rosneft and Gazprom
Among the shares of oil and gas sector have become a favorite paper of LUKoil, which are in demand and by non-residents
MTS launched a 3G network in Irkutsk
Euro-dollar consolidates at around 1.45
Review of the precious metals market for 08.09.09