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This Monday Russian stock market had once more dropped below 1300 points. The fall was led by the banking sector, crumbling at the back of Lehman Brothers and sale of Merrill Lynch to Bank of America. Therefore, the oil dropped price throughout the day as well: due to lack of any real damage by the Ike hurricane, the WTI price has been reduced below 100 USD. The resulting quotes of oil & gas sector lost -4-6%. Above the market was the metallurgy sector. Over whole 8% have added the stocks of Norilsk Nickel, supported by news on stocks buyback. This also supported quotes of Mechel and Severstal. The consumer sector was flagged by shares of Seventh Continent, which reacted positively on news regarding increase of sales +37% in 2008. At the second half of day, after NY industrial activity index got published, the fall has proved to be more serious, than the market had originally anticipated.

Yesterday RTS has been reduced to 1277.60 points, after losing -4.78%. Some significant negative influence over the indicator has been provided by stocks of LUKOIL (-5.78%), Sberbank (-4.07%) and Rosneft (-5.56%). On the other hand, the index got supported by quotes of Norilsk Nickel (+8.56%), Mechel (+4.03%) and Severstal (+1.75%).
The turnover of the classic market has formed 27.7 mn USD. The top three volumes of the day were manned by securities of: Gazprom (8.7 mn USD), Norilsk Nickel (4.6 mn USD) and Sberbank (2.8 mn USD).

Today Russian stock market will continue correcting downwards; this would be supported by reduction of oil price and negative closing of world’s stock indicators.

Main Russian Stock events

TGC-7 to buy TGC-5 and TGC-9 stocks worth 6 bn RUR.
TGC-7 board has approved purchase of stakes in TGC-5 and TGC-9 for total of just below 6 bn RUR, although approval obliged to sell these stocks within a year, reports Interfax.

Other Russian Stock news

Surgutneftegas ready to launch Talakanskoye deposit.
Towards the end of 2008 Surgutneftegas plans on launching Talakanskoye oil deposit (Yakutia) into industrial use, reports vice CEO of the company Anatoly Nuryayev, cites Interfax.

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