Photo: Ruslan Krivobok/RIA Novosti
Shares of “Rosneft” on Wednesday afternoon grew by almost 4%, and papers “Gazprom” decreased by more than 1%, with the result that the oil company is again ahead of the gas company by market capitalization
Shares of “Rosneft” on the Moscow stock exchange in the afternoon of 8 June rose in price by 3.8% while quotations of “Gazprom” has decreased on 1,2%, according to the auction. As a result, as of 15:40 GMT, the market capitalization of “Rosneft” amounted to 3.6 trillion rubles, “Gazprom” — 3,46 trillion rubles.
The action “Rosneft” have risen in price after the release of financial statements for the first quarter of 2016, said the analyst of “Opening the Capital” Artem Konchin. “First of all analysts and market participants are surprised by the positive cash flow of the company due to low oil prices,” he said.
The main reason of growth of shares of “Rosneft” — her reporting has appeared better market expectations, agrees the analyst of Gazprombank Alexander Nazarov. 12 analysts of investment banks surveyed by Interfax had predicted net profit at level occurs 6-72 billion rubles, this figure was 14 billion roubles (4 times less than in the previous year). Primarily a market inspired by such indicators as EBITDA (273 billion rubles), as well as the reduction of the debt burden (by 44.8%, to $23.9 billion) and low capital costs (154 billion rubles), he says. Other reasons, including rising oil prices, Nazarov considers immaterial, as they are applicable to all oil companies, but securities of other players on Wednesday were not as popular (on the Moscow stock exchange ordinary shares of LUKOIL has fallen in price on 0,6%, “Bashneft” — on 0,8%).
Earlier on Wednesday Rosneft” has published the report for the first quarter in accordance with international financial reporting standards (IFRS). The report shows that the net profit of the company for January—March 2016 amounted to RUB 14 bn, which is 4 times less than in the same period last year. Rosneft also said its free cash flow in the first quarter amounted to 80 billion rubles., which is 38.5% less than the year before.
For the first time “Rosneft” has overtaken “Gazprom” in terms of market capitalization on April 11. By the close of trading on that day, “Gazprom” has returned itself leadership in the capitalization on the Moscow stock exchange, and still not managed to get around it. As of 7 June, “Rosneft” cost on the Moscow stock exchange 3,485 trillion rubles, “Gazprom” — 3,498 trillion rubles.