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This Wednesday Russian stock market demonstrated rather significant growth rates, as RTS easily pierced 2200 points. A whole range of strong factors supported the trend. Traditional influence was brought by increased foreign markets prior to Russian trades. Second issue – oil price. During the trades of Wednesday Brent oil price cut through 120 USD per barrel. Besides – towards the end of the day, a portion of US macroeconomic statistics came in from USA, which slightly exceeded preliminary expectations of market. At the end of the day virtually all of blue chips have added value. Telecom sector was yesterday’s outsiders. IRCs of Svyazinvest now publish their financial reports of 1Q and results prove to be unsatisfying – almost all of sectors companies have suffered a drop of effectiveness.

Towards the end of the day RTS rose to 2201.47 points, adding +2.24% to its Wednesday. Highest support has been formed through stocks of Gazprom (+4.04%), LUKOIL (+2.79%) and Sberbank (+2.07%). Some opposite backing was provided by preferred stock of Transneft (-0.7%), common stock of WGC-3 (-4.34%) and Sibirtelecom (-4.02%).
RTS classic market of Wednesday has formed 46.2 mn USD. The top three turnovers were registered after stock of Gazprom (7.5 mn USD), Norilsk Nickel (6.7 mn USD) and Uralkaly (6.5 mn USD).

Today Russian stock market is likely to slow down its growth. This trend was supported by negative dynamics by foreign indicators: DJ lost 1.59% yesterday, whilst correction over Asia’s markets formed an average of 1%. However, yesterday’s political events, and high price of commodities could provide a serious support for the market.

Main Russian Stock events

Volgatelecom draws results of first quarter.
According to results of RAS 1Q report by Volgatelecom, company’s sales formed 6.5 bn RUR. EBIT formed 1.4 bn RUR. Net income of 1Q formed 776.9 mn RUR, versus 818.4 mn RUR in 1Q 2007.

Other Russian Stock news

STC announced dividends.
STC board of directors has recommended its annual meeting of shareholders to approve dividends of 2007 at 0.082069 RUR per one common stock and 0.187915 RUR per one common stock.

Daily trader’s view - May 8, 2008 (PDF Report)

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