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Top-100 most capitalized issuers in September

Total capitalization of Russia's 100 largest issuers amounted to $488bn at the end of September, having advanced 20 percent over the previous month. The number of companies with a capitalization of more than $1bn increased from 49 in August to 56 in late September. The RTS index grew 14 percent to 1007.76 points last month (max - 1008,56 points). The Russian main stock index marked its 10th anniversary noticeably, having reached four-digit numbers, which seems sublime to many market players, and baffling the long-term forecasts of stock market analysts.

Market growth was mainly supported by excess liquidity, which can be evidenced by record high trade volumes in September. For example, trade volume on the RTS classic market totaled $99m on September 2 (for shares included in the index). A series of hurricanes, which hit the US eastern coast, forced many investment banks and international organization to revise upward their medium-term oil price forecasts. This contributed to growth in demand for shares of Russian oil companies on the part of large foreign investment funds, and the oil sector pulled up the whole market. Such domestic news as Gazprom's (1st place) acquisition of Sibneft (6th place) and confirmation of the gas monopolist's upcoming share market liberalization also activated September purchases.

The top five most expensive issuers increased their capitalization by 25.48 percent to $252bn last month. At the same time, these companies hit record-high levels. Gazprom, whose capitalization surged 38.85 percent to $123bn, came out on top.

Unexpected demand for shares in the most long-suffering company of the past two years was reported in September. YUKOS (24th place) is one of the leaders in terms progress (10 places up) and is second to none in terms of capitalization growth (plus 93 percent, $3bn). Market participants attribute this advance to the possibility of Rosneft taking control over YUKOS. After Rosneft received YUKOS's main asset, Yuganskneftegaz, in December 2004, the latter brought several lawsuits, totaling approximately $11bn, against its former parent company. At the end of September, it was reported that the Cyprus-based company Hulley Enterprises, owner of 49 percent in YUKOS, might be named as defendant in one of the cases worth $8bn. If Yuganskneftegaz and Rosneft win the case, they will get from Hulley Enterprises either money or YUKOS's shares.

Leaders of growth
No.IssuerChange in ratingChange in capitalization, %
1Kostroma State District Power Station+17+63.25
2YUKOS+10+93.09
3Zhigulevsk Hydropower Station+9+48.98

The remaining two rating growth leaders are energy companies: Kostroma State District Power Station (67th place), which has climbed 17 places up having increased its capitalization 63.25 percent to $754m, and Zhigulevsk Hydropower Station (85th place), having gained 48.99 percent to $576m and going 9 places up in the rating. As electrical energy reforms are advancing, demand for shares in regional electrical energy companies, which have long been ignored by both speculators and strategic investors, is growing. Listing of the first wholesale energy generating company has proven the stable course of the industry's restructuring. Trade for shares in OGK-5 (32nd place, $1.9bn) began in September. Though this company is a rating newcomer, it has already climbed pretty high. OGK-5's free-float is currently small, that is why it is too early to speak about the new company's fair market assessment.

As for other newcomers, Pipe Metallurgical Company (27th place, $2.4bn), Russia's largest and the word's second largest pipe producer, is worth attention. It owns majority stakes in the authorized capital of Seversky (93rd place), Sinarsky (96th place) and Volzhsky (98th place) Pipe Plants. In summer 2005, Pipe Metallurgical Company became an open joint stock company, and in September trade for its shares began on the RTS exchange. According to the company, these measures have been taken in order to conduct an IPO on a western exchange by the end of this year.

Leaders of decline
No.IssuerChange in ratingChange in capitalization, %
1Azot (Tolyatti)-20-14.29
2Apatit (Kirovsk)-20-15.00
3Novorossiysk Shipping Company-18-11.43

Two chemical enterprises, Apatit (92nd place) and Azot (84th place) are leading the decliners, having fallen 20 places each. Anton Startsev, an analyst with the OLMA investment firm, says these companies have a very low liquidity and free float affecting the interest of investors that have plenty of investment ideas in other market sectors.

An advance in stock indices of developing markets and narrowing of the spread between yields on sovereign bonds of developing countries and US treasury bonds proves investors have reassessed risks: funds are more willingly invested in assets earlier considered very risky. Startsev believes excess liquidity is supporting stock market growth. "However, almost no fundamental factors for further growth exist, and this hinders forecasting future market fluctuations," he commented. Denis Pryanichnikov, head of the analytical department with Open.RU Brokerage House, is more optimistic about the market's development saying that if September dynamics remain, 1,200 points on RTS index can be achieved and in case of correction, the index will hardy drop below 1,000 points.

Top-100 most capitalized issuers in September
No. at the end of SeptemberIssuerCapitalization at the end of September, $ mlnCapitalization at the end of August, $ mlnChange in capitalization, %No. at the end of AugustChange in the ratingCompany's share of Top 100, %
1Gazprom 123 813 89 171 38.85 1 0 25.36
2LUKoil49 06641 32918.722010.05
3Surgutneftegas38 36734 16812.29307.86
4TNK22 75419 39317.33404.66
5Sberbank18 26116 9807.54503.74
6Sibneft17 08416 6102.86603.50
7Norilsk Nickel16 96315 28011.02703.47
8RAO UES15 88613 61616.67913.25
9MTS15 84214 8396.768-13.24
10AFK Sistema 11 9669 65024.001112.45
11Sidanko 9 9369 8780.5910-12.04
12VimpelCom9 2768 5248.821201.90
13Novolipetsk Iron and Steel Works8 0917 07214.411301.66
14Novatek 7 1386 5958.241401.46
15Tatneft6 9575 40028.841501.42
16Slavneft5 4674 04135.291821.12
17Severstal5 3974 58017.8316-11.11
18Mechel Group5 0164 05823.5917-11.03
19Megionneftegaz4 1193 18929.162230.84
20Baltika3 4903 628-3.822000.71
21Lebedinsky Mining and Processing Plant 3 4783 497-0.532100.71
22Purneftegas3 4733 01415.232310.71
23Orenburgneft3 3613 738-10.0719-40.69
24YUKOS3 0871 59993.0934100.63
25Mosenergo 3 0632 31132.5524-10.63
26SUAL2 5741 96431.092600.53
27Pipe Metallurgical Company2 408No data availableNo data availableNo data availableNo data available0.49
28Nizhny Tagil Metal W2 0921 83014.292800.43
29Mikhajlovsky GOK2 0102 033-1.1225-40.41
30VSMPO-AVISMA1 9821 8049.9029-10.41
31Uralkali1 9121 60219.363320.39
32OGK-51 899No data availableNo data availableNo data availableNo data available0.39
33Rostelecom1 8471 64112.5131-20.38
34ONAKO1 7941 7681.5230-40.37
35Bashneft1 7941 53217.113500.37
36Irkutskenergo 1 7701 24642.054150.36
37West Siberian Iron and Steel Works1 7511 847-5.1927-100.36
38Aeroflot1 5901 611-1.2932-60.33
39Bank of Moscow1 5861 4856.7838-10.32
40Seventh Continent1 5851 09444.864660.32
41Promstroybank, St. Petersburg1 5131 22523.494210.31
42Nizhnekamskneftekhim1 4421 531-5.7936-60.30
43Krasnoyarsk Hydropower Station1 372No data availableNo data availableNo data availableNo data available0.28
44MGTS1 2971 300-0.2739-50.27
45Oskol Electrometallurgical Plant1 2801 2800.0040-50.26
46Uralsvyazinform1 2721 1896.9343-30.26
47Varyeganneftegaz1 2661 11313.7744-30.26
48Lebedyansky Experimental Cannery 1 1831 00118.194910.24
49Stoylensky GOK1 15298217.345010.24
50Silvinit1 1111 0961.4345-50.23
51Sayano-Shushenskaya Hydroelectric Power Plant1 07983030.095430.22
52Acron1 0691 0284.0048-40.22
53Udmurtneft1 0691 497-28.6437-160.22
54Kachkanarsky GOK Vanady1 0651 0422.2047-70.22
55Uralsib 1 06472746.286050.22
56VolgaTelecom1 0259745.2851-50.21
57Salavatnefteorgsintez98989011.1252-50.20
58NOVOIL93767538.826570.19
59Vyksunsky Metal Works93284710.0053-60.19
60Ufa Refinery91071427.486220.19
61Karelsky Okatysh88577314.5456-50.18
62Nevinnomyssk Azot84263632.437080.17
63Sibirtelecom 83574911.4858-50.17
64Kazanorgsintez8027506.9057-70.16
65Ufaneftekhim 77169710.6763-20.16
66Nizhegorodnefteorgsintez751No data availableNo data availableNo data availableNo data available0.15
67Kostroma State District Power Station75146063.2584170.15
68Wimm-Bill-Dann7367300.8359-90.15
69Chelyabinsk Metal Works7307270.4361-80.15
70Lenenergo72857526.767770.15
71GAZ722No data availableNo data availableNo data availableNo data available0.15
72Yarpivo7066616.7467-50.14
73Novorossiysk Shipping Company699789-11.4355-180.14
74North West Telecom6916447.3669-50.14
75AvtoVAZ6776592.7668-70.14
76DSK No.16726720.0066-100.14
77Sakhalinmorneftegaz66958015.2975-20.14
78RITEK66953624.637910.14
79CenterTelecom6536303.6871-80.13
80RBC6356005.8073-70.13
81Volzhskaya Hydropower Station60242641.238980.12
82Bashkirenergo59441244.309190.12
83Irkut 5885771.8776-70.12
84Azot (Tolyatti)583680-14.2964-200.12
85Zhigulevsk Hydropower Station57638748.999490.12
86FESCO572596-4.0074-120.12
87KAMAZ57046821.7383-40.12
88Severstal-Avto56849015.9782-60.12
89Yaroslavnefteorgsintez56243828.1985-40.12
90Novomoskovsk Joint Stock Company Azot55442929.1987-30.11
91Altai-koks53437144.009980.11
92Apatit (Kirovsk)530624-15.0072-200.11
93Seversky Pipe Plant529No data availableNo data availableNo data availableNo data available0.11
94Ufa MPO (engine production enterprise)5004951.0881-130.10
95Chelyabinsk Tube Rolling Plant491513-4.2480-150.10
96Sinarsky Pipe Plant47242810.2988-80.10
97Power Machines 458No data availableNo data availableNo data availableNo data available0.09
98Tagmet458No data availableNo data availableNo data availableNo data available0.09
99Konakovo State District Power Station454No data availableNo data availableNo data availableNo data available0.09
100Kuzbassenergo 4474294.1386-140.09
Total488 239406 83920.01
Total top5252 261201 04125.48

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