Emerging Money's  Instablog

Emerging Money
Send Message
With hedge fund manager, CNBC regular and long-time veteran of the Russian markets Tim Seymour at the helm, Emerging Money (http://www.emergingmoney.com) provides education, trading analysis and comprehensive views of emerging markets around the world. As economies in the BRIC group and beyond... More
My company:
Emerging Money
My blog:
Emerging Money
  • Market Color: new appetite for Russia 0 comments
    Nov 2, 2010 4:36 AM | about stocks: MTL

    Goldman Sachs sees relatively encouraging action in Russia as the Moscow market builds on some relatively bullish moves on some of its biggest public names.

    Despite some profit taking, there seems to be some new appetite for large-cap names like Gazprom OGZPY and Sberbank SBRBF on the dips. Preferred shares are getting a very slight premium over the ordinary (non-voting) stocks, which will probably not make much difference to ADR-oriented investors simply hungry for exposure to these names in any share class.

    In fact, Goldman thinks people who missed the early stages of the Moscow rally are now looking to grab preferred stock for just this reason: these shares are the only ones available at a decent price. Another encouraging sign after the market's recent upswing...

    On the steel side, there is some tentative buying out there on names like Evraz, but Severstal seems to be struggling to gain any headway at all. Mechel MTL is down a significant amount this morning as well.

    Otherwise, Goldman notes that nickel -- that is, Norilsk (NILSY, quote) -- "feels tired up here" in the absence of new bullish catalysts.

    Given gossip around Rusal and the next NILSY board meeting, maybe the absence of catalysts may actually give NILSY a bit of a push. 

    Disclosure: no positions
    Stocks: MTL
Back To Emerging Money's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.