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Stocks of Russian companies fell in anticipation of higher taxes

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Stocks of Russian companies fell in anticipation of higher taxes
August 10
09:00 2018

In the morning, an unpleasant surprise was waiting for the investors who prefer to work with shares of Russian companies. The point is, the shares of such companies as Norilsk Nickel, PJSC Polyus and ALROSA have shown a significant decrease from the beginning of today’s trading session. By the way, the papers of all three companies are traded on the Moscow stock exchange. The stocks of the first two companies have lost 4% of their price since the bid opening, ALROSA shares have fallen by 5%.

Today’s news about the probable increase in taxes has caused such dramatic events on the Moscow stock exchange.

Andrey Belousov, Assistant to the President of the Russian Federation, initiated to increase the tax burden. He thought it prudent to increase rates for enterprises operating in the metallurgical and chemical sectors. Having got a letter from Mr. Belousov to Vladimir Putin, the agency Bloomberg spread this news. Andrey Belousov compared the tax rates applicable to the oil and gas and metallurgical sectors and found out that metallurgists paid less than oilmen. Experts have already calculated how the treasury will benefit if the head of the state supports the initiative. So, the budget should receive additional $ 7.5 billion. Obviously, the main payers of such a substantial sum will be the three companies, whose shares have collapsed this Friday morning.

At the moment, stocks of Norilsk Nickel have fallen by 4.4% (to 10.512 rubles), PJSC Polyus shares are being traded at 4.259 rubles (a drop totaled 4.3%), ALROSA stocks have decreased by 5% to the value of 92.59 rubles.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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