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A growth, unseen for couple of months had touched Russian market, after it opened downward, backed by negative dynamics by foreign grounds. RTS not only beat a psychologically important line of 2200 points, but added almost 100 points in just one day. It seems Russian market was rejuvenated by the speech by premier Putin, who once more confirmed the intent to cut the tax load upon the oil industry, promising to establish a comfortable tax environment over Russian stock market.

At the end of day RTS rose +3.75% and closed at 2283.99 points. The primary support of the market was formed by quotes of: LUKOIL (+6.38%), Gazprom (+5.76%) and Rosneft (+7.16%). The stock of banking sector lagged behind the market, through negative trends over US financial sector. Sberbank’s shares (-0.29%) have caused a slight damage to indicator growth.
RTS turnover has formed 60.6 mn USD. The top three turnover volumes were manned by stocks of Gazprom (13.1 mn USD), UES (10.3 mn USD) and Sberbank (6.9 mn USD).

Such an aggressive growth of RTS brings possible correction closer. This week market may yet take a breather, while investors fix their income. Though correction is likely to be low, while breach of 2300 points is rather possible.

Main Russian Stock events

Oil industry reform at doorstep.

The tax pressure upon oil & gas sector must be reduced. This opinion was announced by ex-president of RF – Vladimir Putin, during the plenary meeting of State Duma, held to examine Putin’s candidature for the seat of Russia’s prime-minister, reports RBC.

Other Stock news

Surgutneftegas expands ADR program.
On May 7th Surgutneftegas sent an enquiry to US SEC, under F-6 form asking to register new US ADR program on common stock of the company, reports Interfax.

AvtoVAZ finished converting stock of its subsidiaries into own stock.
Last Thursday AvtoVAZ finished converting stock of two of its subsidiaries – AFK and AVVA companies – into own stock, issued during additional emission, indicates official message by company.

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