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RTS Monday’s dynamics was controversial in its nature. On one hand – players are now mature to fix the income, providing a decent background for drop of oil & gas sector stocks. And then failing oil sector brought the climb of metallurgy stocks in the light. Metallurgy growth list was topped by stocks of Polyus Gold. In just one day company’s quotes rose by over 10% and renewed its all time highs. Such impulse over the stock was launched by intention of Kazimir Partners investment fund to buy 2.5% of Polyus with 350 mn USD from Jenington International, which corresponds to a price of 73.44 USD per share. At the end of the last week this estimate exceeded market price by 16.6%. However, yesterday this gap was narrowed to 3.4%. Besides of that – the news on failing recession of US economy pushed banking sector upwards, and stocks of Sberbank in particular.

To the end of the day RTS added +0.37% and closed at 2487.92 points. The indicator was supported by stocks of Sberbank (+3.6%), Polyus Gold (+12.7%) and Norilsk Nickel (+0.5%). Correction occurred over stocks of LUKOIL (-0.71%), Rosneft (-2.98%) and Raspadskaya (-3.88%).

Classic market turnover has formed 75.6 mn USD. The primary activity of market players was formed through stocks of: LUKOIL (13.6 mn USD), Gazprom (11.5 mn USD) and Sberbank (9.5 mn USD).

The backing of failing Asian indices is possible to influence Russian trades to make them open at a downward gap. At 16:30 (local Moscow time) we expect publication of PPI index in US, which is likely to direct the further movement of RTS, one hour before closing of exchanges. We think that throughout the day RTS would have weak negative dynamics at the back of moderate turnover volumes until index publication.

Main Russian Stock events

NOVATEK’s great IAS report of 1Q of 2008.
NOVATEK’s IAS-compliant net income of 1Q of 2008 increased by 72.6% in comparison with the same period of 2007 – to 7.503 bn RUR, indicates the company’s report and it is higher than our forecasts by 5.3% (7.116 bn RUR).
Polymetal confirms the possible change of owner.
Polymetal is fully aware about discussions currently underway, between the primary shareholder of Nafta Moscow and potential buyer to sell the portfolio.

Other Russian Stock news

MTS increased dividends by 54%.
Severstal may double the dividends according to results of 1Q.
TMK’s expected IAS results of 2007.

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