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MARKET COMMENT - LATE RALLY TRIMS EARLIER LOSSES AS INVESTORS SCRUTINIZE SANCTION NEWSThe RTS was trading down some 1.8% intraday when US agency OFAC announced a series of clarifications on its sanctions on RUSAL and other companies. The market subsequently gained more than 2 pp before falling back for an overall decline of 0.1% for the day at 1,145. Meanwhile, the morning backdrop looks moderately positive today.STORIES> Tatneft dividend payout for 2017 to total almost R40 per share> X5 Retail Group 1Q18 IFRS preview: More margin deterioration> Latest Sberbank CIB Ivanov Consumer Confidence T...
CIS EUROBOND MARKETThe Russian sovereign Eurobond market was fairly inactive yesterday, and quotes remained generally flat.GOVERNMENT DEBTOn the OFZ market, the OFZ 26226 was again the focal point of activity following Wednesday's placement at auction. Turnover in the issue reached R6 bln, and its yield closed 2-3 bps higher. Total volumes were R22 bln.STORIES> Russian economic growth in 1Q19 looks moderate, acceleration ahead> Redacted Mueller report released to the public> CBR to start phasing out ICLs on May 1> Alrosa publishes 1Q19 trading update
Sep'19 Contract – This week’s over 200 Pt bullish open is confirming the weekly view, but with daily sentiment overstretched at 1 year highs, signals for Tuesday pointed to staying long on the open and to buying the dip. This was the correct strategy, though with sentiment trading mainly sideways in low volume for a little changed close. Trading inside Monday’s range means that intraday trend signals are not strong, but the loss of topside momentum has left a negative bias and the outlook for Wednesday is cautiously bearish and the call is to sell on the open and then at 12560.0 with a stop lo...
In This Edition:
December’s stunning V-shaped reversal has sent U.S. stock indices higher by +20% per cent prompting commentators to reverse bear-market sell-signals into last year’s lows into new bullish bull-signals. But there are two competing forces at work – one which suggests the bull market will continue higher once the U.S./China trade dispute is resolved during the next month - the other which shows increasing downward momentum in global economic activity with calls for a mild-recession in 2019. From an Elliott Wave perspective, there are clear signs that last December’s low...
Despite a sluggish start of the week and declines recorded for the main indices, the WAEMU Regional Stock Exchange experienced a general improvement over the week.
The revenue increased by 4% compared to the first half of 2017, due to the change in the volume of water invoiced and the increase in construction revenue.
In a previous research note we had the chance to stress how challenging the environment had been for asset allocators over the past ten years, as they had to navigate through some very turbulent times. It is true that the outbreak of the 2008 Global Financial Crisis (GFC) and its aftermath required high proactiveness, flexibility, and adaptability to the new ‘norm’, as it tested allocators’ knowledge, experience, agility, and forecasting ability. Almost ten years down the road, the environment continues to be rather demanding for asset allocators and the challenges that they are facing seem to...
Nigerian bourse set for further gains in 2018
With the NSE ASI set to close the year firmly in the green (up 41% ytd, highest gains in four years), it has clearly been a good year for the Nigerian Equity Market. Key drivers of the surge include the introduction of the “Investors & Exporters” foreign exchange window (“I&E” window) which revived investor confidence and impressive corporate earnings. Going into 2018, we anticipate further gains for the Nigerian bourse amidst a positive outlook for FX earnings on the back of stable oil prices and production levels, an improving economic envir...
A rally since March’s .6744 base from close to the 200 day average rate and gains above the key daily averages has been positive for sentiment. While Tuesday’s bullish signals were confirmed, a loss of momentum ahead of a developing daily bear trend switched Wednesday’s signals to bearish. These too were confirmed, but for initial losses of over ¼ Big Fig being contained inside Tuesday’s up-day. Signals for Thursday are similar, but until the last 2 day lows are broken more cautious and the call is to sell on the open and then at .6859, today’s open in Asia with a stop loss at .6880, the daily...
Tofas posted TRY325m net income in 1Q19, better than our estimate of TRY266m and RT consensus of TRY277m. Better-than-expected operating performance backed by take-or-pay compensation and effective cost management were the main reasons for the upbeat results in 1Q19.
Although Tofas recently cut shifts at its production facility (from 3 to 2), the company increased 2019 production guidance. We expect upbeat 1Q19 results and upward revision in 2019 guidance to underpin share price performance. We reiterate BUY on TOASO.
Bim posted TRY215m net income in 1Q19, worse than consensus estimate of TRY285m and our estimate of TRY335m. Excluding IFRS-16 impact, net income would be TRY266m, still below the consensus. Despite a robust top-line growth, weak operating profitability depressed 1Q19 results. We expect weak results to weigh on share price performance. Maintain HOLD.
Please refer to PDF document for more detail about our research: Congress Financial Corporation (Canada): New Rating
Please refer to PDF document for more detail about our research: Enso Group: Benchmark Report
Please refer to PDF document for more detail about our research: Albertson's Inc.: New Benchmark
Please refer to PDF document for more detail about our research: Norfolk Southern Corp.: Benchmark Report
Please refer to PDF document for more detail about our research: Chrysler Corp.: Discontinues Ratings
Please refer to PDF document for more detail about our research: Britannia Building Society - CP
Please refer to PDF document for more detail about our research: Britannia Building Society: Confirms at R-1 (middle)
Please refer to PDF document for more detail about our research: Alcan Aluminium Limited: Under Review with Developing Implications
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