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The ascension of Russian stock market did continue after holidays. RTS had breached 2300 points yesterday. The euphoria over stock market was supported by political factors and positive condition of commodities markets alike. Oil is currently traded at its highest prices, and even despite the slight correction, black gold’s quotes are above 120 USD per barrel. In addition to a highly possible chance of oil industry’s tax cuts – the Monday was overwhelmed by climbing quotes of oil & gas companies. Note sector’s shares to be above the general market, whilst quotes added over 2%. The second half of day brought support from the West. Expanding quotes of US indices futures have provoked another growth wave: after 16:30 (Moscow local time) and to the end of the day RTS added +1.3%.

As a result RTS added +37.15% points and stopped the day at 2321.14 points. The positive influence over indicator was sprayed by LUKOIL (+3%), Sberbank (+2.33%) and Rosneft (+3.15%). Some income was fixed through stocks of Uralkaly (-2.22%) and Severstal (-1.86%).

Classic market’s turnover has formed 103.8 mn USD, the largest turnovers were achieved through shares of LUKOIL (20.8 mn USD), UES (19.1 mn USD) and Sberbank (19.0 mn USD).

We think market requires a correction, yesterday’s growth continues for sixth day in a row – just confirmed that. Note – US stock indices of yesterday and Asian markets of day have demonstrated positive dynamics. It is highly possible for today’s RTS to have a fiery start, climbing once again. However, after lunch the players are likely to begin fixing income. Nevertheless, the value of the indicator is set to stay high and in the meantime should exceed 2200 points.

Main Stock events

LUKOIL to double capitalization to year 2017.
LUKOIL plans on doubling its capitalization to 2017, announced company’s president Vagit Alekperov during interview to SmartMoney magazine.

Uralkali pays boosted dividends.
Uralkali’s board of directors have recommended its shareholders to approve dividends of 2007 in 1.9 RUR per share, notifies the company. The annual meeting of Uralkali’s shareholders is set for June 18th, registry of shareholders is set for June 18th, registry close date has been set to May 13th.

Other Stock news

Akron’s additional dividends.

Akron’s board of directors has recommended its shareholders to approve dividends of 1Q 2008 in 40 RUR per share on June 27th, during its unscheduled meeting – reports the company.

Main Russian Stock events - May 13, 2008 (PDF)

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