stock market

Another week on the Russian stock market ended with a rapid increase in quotations, as a result of which the RTS index was able to gain a foothold above the 1000 point mark yesterday. Much of the credit for this goes to Yukos shares, the price of which soared by another 26.67%. Market participants did not think twice about yesterday's words of Rosneft head Sergei Bogdanchikov that his company is not interested in YUKOS assets.

The last day of the quarter on the Russian market ended with a rapid increase in quotations, which made it possible for the RTS index to finally close above the 1000 point mark. It rose to 1007.76 points, adding 1.68% during the day. The MICEX index also grew significantly - by 1.51%. The Kommersant index, which includes Gazprom shares, added 0.41%. Thus, over the three quarters of the year, the indices increased by 60-65%.

YUKOS shares have been among the market's driving forces in recent days. Yesterday their quotes added another 26.7% and reached $1.1 per share. As a result, the company's capitalization exceeded $2.5 billion. Even on Thursday, rumors were actively circulating on the market that Rosneft was asking the price for YUKOS assets and had already developed a scheme for its acquisition. And it was precisely with this that the growth of Yukos shares was associated (see yesterday's Kommersant).

However, yesterday the head of Rosneft, Sergei Bogdanchikov, said that the company does not lay claim to these assets and intends to achieve payment of the debt to its subsidiary OJSC Yuganskneftegaz in cash. These words, oddly enough, became a new catalyst for the play to increase YUKOS shares. “Now they are counting on the fact that the state will not bankrupt YUKOS and it will survive as a single company,” Andrei Vernikov, an analyst at Aton Investment Company, clarified the speculators’ thinking. “We can see purchases, including our clients. Whether they know the true state of affairs or not, they are trying to adjust to the growth and are ready to take risks,” says Arsen Khachaturyants, trader at Centrinvest Securities Investment Company.

At yesterday's trading, among the blue chips, shares of Sibneft (-1.13%) and Gazprom (-0.69%) remained in the red. Traders believe that this is a natural correction after the rapid growth of the previous days. However, this no longer affects the general mood. Much more analysts are interested in global factors, such as high oil prices. “There were and are no signals for a market reversal, as long as prices on commodity markets remain high,” said Vladimir Levchenko, asset manager at Antanta Capital Investment Company. “Nobody believes in a strong fall now and sees no reason for this,” says Uralsib IBG trader Andrei Kukk. “But we shouldn’t expect strong growth, although individual securities may ‘shoot up’.”

ALEXEY Ъ-BAIBAKOV

The RTS index closed in four digits