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The Energy Vector
MICEX turnover exceeded $1.5 billion yesterday, breaking all records of this stock exchange. The stocks of RAO UES and generating companies soared 6 percent to 15 percent despite the general market decline.
The energy companies were most popular on the stock market of Russia on Monday. RAO UES grew 7.8 percent to $1.22, having recovered from the losses of late February to early March. MICEX turnover exceeded $1.5 billion, which is a new record in history of this stock exchange. The quotes of wholesale generating companies (WGC) and territorial generating companies (TGC) stepped up from 6 percent to 15 percent despite the general declining sentiment on the market.
The gains of energy companies root in victorious placement of WGC-3. Once GMK Norilsk Nickel agreed to pay $3.1 billion for 37.9 percent in that generating company, its estimate reached $0.173 per a stock, which is 12.5 percent above the current market quotes and nearly two fold above the estimate given by RAO UES ($1.6 billion).
“Placing the company’s stocks above market price reevaluated the whole industry, first of all, RAO UES itself. Before the WGC-3 placement, RAO UES was estimated at $400 per a kW of installed capacity,” said BrokerCreditService analyst Irina Filatova. The analysts currently evaluate WGC-4 at $540 per a kW, i.e. 80 percent below the placement price for WGC-3, WGC-6 is evaluated at $460 per a kW, i.e. half as much as WGC-3, and WGC-5 has nearly the 40-percent growth potential.
www.kommersant.com
All the Article in Russian as of Mar. 13, 2007
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