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Throughout Wednesday Russian stock market was shifting feet around 2175 points of RTS most of the day. On one hand – some supportive factors and news were available. Forged by foreign markets, including commodity markets and technical indicators, indicating that Russian market still holds a significant potential to grow. During the day some humble attempts to rise were made, but then again, the resolve of market players was short-lived, after finding no support from other players. Note though – the market has been held back by oil companies’ stocks, even though the price of oil rose yesterday, and no negative news stalked the market. Some support was provided by banking sector mostly, which added value after statement of Fed’s Ben Bernanke regarding financial stability’s support measures.

RTS of the day increased +0.18% and formed 2178.9 points. The utmost support of the indicator has been provided by stocks of Sberbank (+2.22%), NOVATEK (+2.87%) and Uralkali (+2.91%). Some negative damage upon the indicator was made by quotes of: Norilsk Nickel (-2.74%), Rosneft (-0.75%) and LUKOIL (-0.81%).

The top turnover volumes were achieved by stocks of: Sberbank (10.2 mn USD), Norilsk Nickel (6.1 mn USD) and LUKOIL (5.5 mn USD). RTS’ classic turnover of Wednesday has formed 38.6 mn USD, which is rather low.

Market currently resembles a solid spring, ready to burst at any moment, the only thing required – a decent reason. However, we see no such reason in the mean time. More to that, the latter decrease of US stock market could prove a negative influence for Russian securities. Today RTS could make a light slide downward. Today’s support factor is close proximity to 200-days sliding average.

Main Stock events

Transneft reports financials of 2007 under IAS.
Transneft’s net income of 2007 under IAS rose +17.9% above prior year (54.861 bn RUR) and formed 64.674 bn RUR, states company’s report. Net income of the company excluding the minority interest of 3Q 2007 has formed 60.139 bn RUR, or +16.6% versus 2006. Net income of the company appeared +6.3% above our forecasts.
Uralsvyazinform’s 2007 IAS report.

According to IAS 2007 report, Uralsvyazinform increased its audited consolidated net income more than 3 times, to 2.3 bn RUR. The revenue formed 39.1 bn RUR in 2007, which is 15.6% higher the 2006 results.

Other Russian Stock news

Gazprom to buy export gas from Libya.
Sollers’ operating results.
KAMAZ’ sales for 6 months.

Russian Market View (PDF)

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