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Yesterday met no expectations for technical correction throughout Russian indices. Since the day’s start market was rather weak, whilst chance of correction start was high. Morally – players were ready to begin fixing income, as it built up during last seven trading sessions. Nevertheless, they took on a waiting stance, which in return brought a new wave of purchases. Stock of Surgutneftegas appeared above the rest of market, absorbing support from RF’s premier as he announced plans to expand existing capacities. As a result – common stock of the company rose +5.85%, preferred stock expanded +10.96%. Beside of that, oil & gas sector quotes were enjoying legislative initiatives regarding reduction of tax pressure upon oil & gas companies and government’s promises to continue looking for tax and administrative preferences for the industry. As a result – market dropped down sharply and pierced new all time high, taking on 2400 points defenses.

Late during the day RTS rose +2.84% and formed 2406.05 points towards the end of the trading session. The primary support of the market was provided by stocks of oil & gas sector: LUKOIL (+4.99%), Gazprom (+2.52%) and Rosneft (+4.96%). Some correction appeared over stocks of Uralsvyazinform (-0.38%).

Wednesday’s classic market turnover has formed 72.1 mn USD, with top three turnovers manned through securities of: Gazprom (14.6 mn USD), LUKOIL 10.1 mn USD) and Sberbank (8.6 mn USD).

For today we do not exclude technical correction at Russian stock market. However, the chance that yesterday’s climb over oil & gas sector stocks will continue is high. Wednesday’s securities of the day were Gazprom Neft’s shares, as company is set to close its registry today. Therefore some growth of company’s quotes is expected. Oil sector’s strong positions may yet pull indices up. We must note though, that piercing of all time high under RTS opens a new path onto 2550 points in half year’s term.

Main Stock events

Tax initiatives’ sudden appearance.
“Tax holidays” must be put upon deposits in new oil & gas regions, said premier-minister Vladimir Putin at meeting on establishment of Baltic Pipeline System-2 (BTS-2) in Ust-Luga.

Other Stock news

TNK-BP to expand production in 2009.
Russian-British oil company TNK-BP expects expansion of oil extraction in 2009 above 2008, reported executive vice-president of exploration and extraction Sergey Brezitsky.

Gazprom Neft finished audit of reserves.
Proved reserves of Gazprom Neft of oil under SPE classification, have been audited by Miller & Lents (M&L), and as of late 2007 reserves formed 4.823 bn barrels, increasing +7.7% versus 2006 (4.476 bn barrels), announces the quarter report by company.

Winter’s helping hand – Gazprom increased gas extraction +2.15%.
Gazprom’s extraction of gas in January-April 2008 has formed 199.4 bn cb m, adding +2.15% or 4.2 bn cb m more than during similar term of 2007, says the company in official message.

E4 buys a stake in TGC-11.
UES’ ex top-manager controlled – E4 engineering company, is set to buy a stake in TGC-11, reports Reuters, citing the offering insiders.

Russian Daily trader’s view - May 15, 2008 (PDF)

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