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Despite of the lack of support from foreign markets – world’s primary indices closed negative, as Russian market rose steadily throughout the day, reinforcing itself above 2200 points. This movement was supported by a technical factor. As during most of the day the index enjoyed a strong support level of 2150 points. At the same time – European indices reacted soundly to the Eurozone statistics, which appeared above expected, thus providing support to the stock market. Aside from this, the investors were keen towards the words of Henri Polson on support of Fannie Mae and Freddie Mac mortgage firms. The background of primary range of liquid stocks was flagged by stocks of oil & gas sector, supported by government acting to reduce the tax pressure upon the given industry.

RTS ended the day at a major note, rising up by +1.89%. The value of indicator has formed 2208.06 points at the end of the trades. Highest support has been formed out of quotes of LUKOIL (+3.75%), Rosneft (+4.65%) and Gazprom (+2.27%). The negative dynamics hit stocks of Silvinit (-0.24%) and Surgutneftegas (-0.24%).

The turnover of classic RTS market has formed 40.9 mn USD. Monday’s turnover leaders: LUKOIL (14.3 mn USD), Norilsk Nickel (10.7 mn USD) and Gazprom (3.4 mn USD).

Russian stock market is still a subject to influence of external factors. This week we expect publication of half year’s financial reports by financial sharks, such as Merrill Lynch, JP Morgan Chase and Citigroup. Therefore this week would be rather anxious. Yesterday’s trades of US market were rather negative: as a whole range of stocks lost value following the downgrades of ratings and recommendations by leading investment banks. Asian markets also repeated US dynamics and fell downward. It is possible, that today Russian stock market would be hit by a correction wave.

Main Russian Stock events

Optimistic financial forecasts of Polymetal for 2008.
EBITDA of Polymetal, RF’s largest producer of silver, could be increased to 250 mn USD in 2008, said CEO of company – Vitaly Nesis during the phone conference. Nesis also added that lower border of EBITDA value for 2008 should form 200 mn USD.

Other Russian Stock news

Mechel’s financial results of US GAAP 1Q 2008 report – almost met forecasts.
Mechel’s net income formed 500 mn USD according to US GAAP 1Q 2008 report, which is 2.6 times higher than last year results, says company’s statement. The revenue increased by more than 60% and reached 2.3 bn USD, EBITDA raised by 151%, to 853.097 mn USD.

KAMAZ: natural selection.

Troika Dialog investment company, a holder to a big stake in KAMAZ, the largest truck producer in Russia, drew a short-list of candidates for strategic partnership.

Saturn NPO: the engine struggle.
Oboronprom holding, a member to Rostekhnologiyi state corp., wants to consolidate a controlling interest within Saturn NPO, buy buying out 13% + 1 share from the holders, as company requires just this much to accumulate a control in Saturn.

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