Gazprom Does Half the Turnover on RTS
// The Gazprom stock market
Sales of Gazprom stock on the non-listed section of the classical market RTS exchange began on Friday, January 13. That move came eight and a half years after a government decree limiting the exchanges on which that stock could be sold to four. Trading results on Friday were impressive. The aggregate volume of trade on the classical market increased by $135 million, the most since March 1998. Gazprom deals totaled $62.1 million. Trading topped $800 million on the St. Petersburg stock market and trading in Gazprom ADS exceeded $220 million on the London stock market. “Of course increasing the number of exchanges will increase the liquidity of Gazprom notes,” commented Troika Dialog sales manager Igor Prokhaev.
In spite of a slight correction on the market at the end of the week, Gazprom has maintained its place as the eighth largest company in the world by capitalization. According to Reuters, it ranks behind ExxonMobil, General Electric, Microsoft, CitiGroup, BP, Royal Dutch Shell and Procter & Gamble. Head of the analytical department of Prospect Igor Kokarev noted that the sale of the stock in the classical section is of interest to foreigners because they can pay for the stock there with hard currency. However, he also noted that most nonresidents already have ruble accounts. “Foreigners made the volume that we saw,” he said. Metropol trader Nikolay Kiryushin opined that the first day of trading in Gazprom stock was not exceptional. “Gazprom is already a blue chip and, in the long term, it will become one of the most convenient and liquid instruments,” he predicted.
Sergey Tyagai, Alexey Baibakov
All the Article in Russian as of Jan. 16, 2006
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