Russian Stocks - Market today. Today the market is rising for two days in a row, backed by low turnovers, MICEX and RTS have added +1.5% and +1.2% respectively. Above the market were stocks of banking and utilities (energy) sector, VTB has added +14%, WGC-6 expanded +13.9%. It seems that the measures taken by the government: on freezing diesel fuel and black oil price, delaying tax payments and providing the banks with unlimited cash liquidity in the form of credits have all supported the market. The oil sector seemed below the market, despite of growth of oil price.
Market tomorrow. There is some chance of market correction tomorrow.

Russian Bonds

Market yesterday. Today the market continued conducting REPO deals. Whilst the list of issuers with securities under which one could get rubles was melting away each hour. REPO was available virtually to the first tier bonds of some large banks exclusively. We must also point out that Gazprombank’s cash failed reaching the market, sinking in the deal on support of KIT-Finance. Spot-market witnessed no deals at all. Some occasional bids were set, hoping for some with bad patience and were tens of p.p.’s below the nominal.

Market tomorrow. Tomorrow’s picture is not likely to change. In despite of declaration of new protection measures, the real situation is still tense and cash is barely enough for everyone.

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According to RAS 8 months financial report, Sberbank’s net income increased by +40% – to 92.7bn RUR (Interfax)
Vnesheconombank will acquire a share in the capital of Inter RAO during this year (Interfax)
Vimpelcom is looking for an opportunity to liquidate Golden Telecom as holding company (Interfax)
RusAl plans to conduct annual investments of 2.5-3 bn USD in greenfield and natural growth (Interfax)
Ministry of Finance offered to implement quarter VAT payments for 3 months from October 1st 2008 (Kudrin)

Daily results - September 22, 2008 (PDF Russian Stock and Russian Bonds Report)

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