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Last Friday the situation around Russian stock market has developed under a negative scenario. Since the very morning, the news about the developing conflict in South Ossetia was coming in constantly. We do not exclude that these very news became the primary driver to bring down Russian stock market. From the fundamental analysis point of view – given events boost Russia’s political risks, at least within the short-term. Aside of this – oil prices were moving opposite to interest of Russian oil enterprises, towards the end of the trading session – the drop of Brent oil brand has formed -3.5 USD.

RTS of Friday has collapsed by -6.51%, down to 1722.71 points. Note that index lost a total of 11.3% throughout last week. The most significant negative influence upon the indicator was sprayed by stocks of Sberbank (-7.78%), LUKOIL (-7.3%) and Gazprom (-7.2%). And only stocks of NWT (+3.23%) and NMTP (+0.33%) have added value.

The turnover of RTS’ classic market has formed 56.5 mn USD during the latest session. Friday’s turnover leaders – Gazprom (11.2 mn USD), Norilsk (10.1 mn USD) and Sberbank (8.9 mn USD).

In our opinion – Russian market is currently under some serious menace. The situation over Caucasus remains tense, and until the conflict is brought to an end – the market is likely to continue moving down, despite of all the positive news off foreign stock grounds and considerable underestimation of virtually all of Russian stocks.

Main Russian Stock events

Volgatelecom 2007 results – best in sector.
Volgatelecom’s revenue increased by 19.1%, to 30 bn RUR under IAS 2007 report. Net income formed 3 bn RUR, which is 37.7% higher than the results of prior year.
Norilsk Nickel board appoints Strzhalkovsky as CEO.
During Firday’s meeting of Norilsk Nickel’s board, company decided to appoint Strzhalkovsky as company’s CEO, reported the head of board – Vladimir Potanin.

Other news of Russian Stock market

Uralkali to pay record dividends.
The next unscheduled absent meeting of September 18th is set to evaluate the dividend payoffs of 1H 2008, reports the company.

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