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News // Markets & Stocks

Bashneft falls after Rosneft deal

14 October 2016 , 14:00Neftegaz.RU546

The rouble and Russia's main stock indexes were steady at Friday's market opening, with support coming from higher oil prices but pressure from risk aversion ahead of the weekend, reported Reuters on October 14, 2016.

 

At 7.58 GMT, the rouble was 0.08 % stronger against the dollar at 62.98 and had gained 0.52 % to trade at 69.36 versus the euro, as the euro fell against the dollar on global markets.

In contrast to small moves for the main Russian indexes, shares in the oil firm Bashneft fell 8% to 2,850 roubles ($45.80).

A day earlier there was a management reshuffle at Bashneft, which was purchased by the country's No.1 state oil producer Rosneft.

Explaining Bashneft's sharp fall, traders also cited an Interfax report that Russia's parliament could consider legal changes next month that would mean state companies don't have to offer to buy out shares of minority shareholders in firms they have bought if the purchase was sanctioned by the president or the government.

Bashneft shares have been supported by hopes that Rosneft would offer minority shareholders in Bashneft to buy out their shares at the same level for which Rosneft bought a controlling stake in Bashneft from the government (around 3,700 roubles per share, according to Aton analysts).

 

Oil prices supported the Russian market on Friday. Brent crude oil, a global benchmark for Russia's main export, was up 0.81% at $52.44 a barrel.

 

To read this news in Russian.

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