Arbitration in the markets: structural shiftsDuring session of Thursday, have begun on March, 18th, annoy the Russian papers of unity in dynamics has not developed. Session in Russia though was volatilnoj, however essential change of indexes has not occurred. Following the results of the auctions on March, 18th the Moscow Interbank Stock Exchange index has decreased on 0,13 % - to 1433,45 points, RTS - on 0,3 % and has reached a point 1558,8 points. At the same time the auctions passed in London under “ bear “ a flag, and quotations ADR of the majority of the Russian companies have decreased. Besides it has ended with rally in the domestic currency market. The combination of all these factors has a little lowered potential of actions. In the Russian market negative signals have started to appear.
the main event in the arbitration market was that the majority of domestic actions for one session from underestimated have turned in overestimated in relation to ADR. One of the most expensive papers of a steel of the action “ Comstar - OTS “ and “ Akron “. The Stock value above ADR on 2,7 % and 2,3 % accordingly. But in it just sensations are not present. The basic negative consists that former leaders - NLMK, “ Surgutneftegaz “ and even “ RusGidro “ - have appeared are overestimated in Russia. ADR these companies is cheaper than actions on the average on 1 %.
Moreover, the beginnings considerably to be reduced a spread and emitters with a considerable difference. For example, the day before in Russia the price of actions “ a gold Pole “ has grown on 5,9 %, and company receipts have risen in price only for 0,4 %. So appreciable difference in dynamics has affected a spread which has decreased to comprehensible 4,2 %. Still already there was a spread at “ Severstal “ (2,7 %) and “ Tatneft “ (3,58 %).
All it testifies to the beginning of structural shifts in a trend of the Russian actions: Or large players in Russia prepare for the next wave of rally, or not less large participants are going to fix in large quantities profit in London. Anyhow the markets will move rather synchronously, and here to what party, will show time.