Analysts say the spurt in the price of Mosenergo is due to preparations by minority shareholders for the share exchaneg with RAO UES of Russia.
Photo: Sergey Mikheev
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Trading Halted on Mosenergo
The MICEX stock exchange halted trading in Mosenergo stock at 12:43 on Friday after it gained more than 10 percent in the course of the day. However, even after that the stock behaved anomalously, and it closed up more than 15 percent at the end of the day. Experts suggest that the spurt was of a speculative character before the exchange of RAO UES of Russia shares for those in the generator. The stock exchange informed the Federal Financial Markets Service of its decision, and that service should confirm the possibility of resuming trading. Many stocks in the sector are greatly undervalued and may rise sharply before the end of the year, say analysts.
In all, the cost of Mosenergo grew by 14.3 percent on MICEX, to 4.83 rubles, while the MICEX index fell by 1.04 percent. The exchange saw the heaviest trading in the last nine months Friday, with 160.6 million rubles being traded, which is 26 times higher than the average in the last month. In London, Mosenergo depositary notes gained 14.71 percent to $19.50.
Several other generating companies gained in value at the end of last week. Quotes on united generating companies (Russian abbreviation OGK) grew 3-7.5 percent on MICEX, and those on territorial generating companies (Russian abbreviation TGK) grew by 0.1-3.2 percent. The growth began after a meeting at the Ministry of Energy with Russian Prime Minister Vladimir Putin present, where he stated that demand for electrical energy in Russia will increase by more than 70 percent by 2020. The upcoming exchange of shares with RAO is a more direct cause of the rise, however. Experts say the high voljume of sales of generating companies will last another month or month and a half.
www.kommersant.com
All the Article in Russian as of June 23, 2008
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