Gazprom gaining ground

摘要

The RTS index lost 1.7pc over the week to close at 1,369 points. Sberbank Investment Research is upgrading its view on Gazprom stock to a “buy” recommendation to reflect positive operational developments, div- idend potential and its low valuation. “The worst most likely lies behind for Gazprom, while the Armageddon priced by the market on the export side should not materialise,” the bank notes, pointing out that gas prices in Europe may have bottomed out, that non-FSU export volumes are picking up, and that Russia is winning back its reputation as the only swing producer that can make up the shortfall in European production and reduced supply of LNG.