MOSCOW SHARES SLIGHTLY LOWER FOLLOWING PM ZUBKOV’S SPEACH, SBERBANK DECLINES
Forbes, NY
09.14.07, 9:33 AM ET
MOSCOW (Thomson Financial) – Moscow shares were slightly lower in
afternoon trade following a speech by new Prime Minister Viktor
Zubkov in which he vowed to fight corruption and said energy riches
must provide more benefits for the nation, while Sberbank declined
on credit concerns.
At 4.06 pm, the RTS index was up 3.75 points, or 0.19 pct, at 1,928.93.
The rouble-denominated MICEX composite index lost 9.64 points, or
0.58 pct, to 1,656.85.
Prior to his election by the Duma lower house, Zubkov gave a speech
in which he argued for new laws against corruption and said Russia
must benefit more from its abundant resources.
‘Russian oil, gas, forests, fish and other natural resources should
bring more tangible benefits,’ Zubkov said.
Sberbank dropped 0.012 usd, or 0.32 pct, at 3.788 after the UK’s
Northern Rock issued a profit warning and said it will accept an
emergency government funding package.
UES lost 0.016 usd at 1.17 and several energy majors also declined
after brent crude futures for October delivery fell below the 80 usd
per barrel level.
On the London exchange, Surgutneftegas GDRs declined 0.30 usd at
62.10, Gazprom Neft lost 0.15 usd at 19.05 and on Tatneft lost 2.25
usd at 101.75.
Norilsk Nickel rose 0.50 usd, or 0.23 pct, at 222.00 after nickel
rose more than 1 pct in London.
Sistema’s Mobile TeleSystems gained 0.07 usd at 10.75 after it said
it had acquired an 80 pct stake in Armenia’s Karabakh Telecom CJSC
(K-Telecom) from the Fattouch Investment Group for 310 mln eur.