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Despite the fall of US markets, Russia’s exchanges of Tuesday have finally closed in the green. It seems as if the harsh measures taken by the FFMS – on prolongation of trades and reduction of a gap, under which the trades are stopped – have finally helped. Thanks to a two-hour long pause, the market players have finally refrained from the emotional-driven actions and wait for the trades to open in Europe, and commodity markets. Given markets have demonstrated a rise, which also influenced trades in Russia. Despite of a fall following the opening, towards the end of the day, the markets have finally taken on a green movement. Above the market were some representative of banking and oil sector. At a considerable fall were stocks of developer companies.

RTS of the day expanded +1.48% and formed 1211.84 points. The utmost support of the indicator has been formed by stocks of Gazprom (+9.44%), Sberbank (+8.86%) and LUKOIL (+2.15%). The leaders of the negative influence – stocks of Rosneft (-4.41%), Uralkali (-13.37%) and Tatneft (-13.75%).

The turnover volumes of RTS throughout Tuesday were low and formed 34.3 mn USD. Top volumes were made up with stocks of Sberbank (5.3 mn USD), Norilsk Nickel (4.7 mn USD) and Gazprom (3.2 mn USD).

Considering the restoration of primary foreign markets (both stock and commodity), today Russian stock market has all the chances to continue its growth, at least at the beginning of the session. Later on the market could be influenced by macroeconomic statistics of Eurozone and USA, which nature will determine the future of the market.

Main Russia Stock events

Megafon filed purchase application for SMARTS.
Megafon filed an application in Federal Antimonopoly Service, in order to buy a 100% stake of SMARTS cellular operator. Taking into account a necessity to conduct additional pendency of application and gathering supporting information, FAS decided to prolong the review time, says FAS’ statement.
Gazprom’s sound results under US GAAP 2Q 2008 financial report.

According to 2Q 2008 results, Gazprom Neft’s net income increased by +84.5%, to 2.196 bn USD against 2007 results, says company’s report. Company’s revenue added +92.3% and formed 9.811 bn USD, operating income expanded by +84.3%, to 2.564 bn USD, EBITDA increased +70.6%, to 3.093 bn USD. Gazprom Neft’s financial results beat the market expectations by +14% and our forecasts by +31%, which can boost company’s capitalization under the same conditions during the trades on Wednesday.

Other Russia Stock Market news

Gazprom to stable debt load rate.
WGC-5 issues IAS 1H 2008 report.
Sibirtelecom: IAS 1H report.
NMTP tripled net income of 1H 2008.

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