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Equities stop rallying, RTS stabilizes at just over 1540 (Part 2)
(Interfax News Agency Via Thomson Dialog NewsEdge) MOSCOW. Sept 28 (Interfax) - The rally on the Russian stock market that continued into Thursday morning on the back of yesterday's jump in oil prices leveled off in the early afternoon and the RTS Index stabilized at just over 1540.
Benchmark stocks were up 0.4%-4.5% by 12.30 p.m., local time. The RTS Index rose 1.6% to 1543.31 and the MICEX Stock Index was up 2.12% to 1361.81.
The biggest advancers were petroleum stocks Tatneft (RTS:
TATN),
which rose 4.5% on the RTS and 3% on the MICEX; Surgutneftegas
(RTS:SNGS), up 2.8% on the MICEX; Lukoil (RTS: LKOH), up 2.3%; and Gazprom (RTS: GAZP), which rose 3.4% to 286.02 rubles a share.
The price of oil rose $2 on Wednesday amid persistent speculation that OPEC would decided to cut output. But oil prices started to correct slightly by Thursday afternoon, with October WTI and Brent futures trading at $62.66 and $61.93 respectively.
Wall Street posted gains on Wednesday following good news about the U.S. real estate market, and this supported Russian equities. Russian market players took a time-out to look for new ideas around midday on Thursday and to take stock of the situation ahead of the next batch of U.S. economics data, namely adjusted GDP for the second quarter of 2006 and unemployment benefit figures for last week, expected at 4.30 p.m. Moscow time.
Deutsche UFG analysts think the situation on the Russian stock market is still uncertain, despite the jump in oil prices. They said in their daily analytical note that it was hard to say whether the market as a whole and selected stocks would be able to rise above the levels seen in the middle of September. If they do not, then another serious correction can be expected on the Russian stock market.
The morning also saw gains of 1.1% for Unified Energy System (RTS: EESR) on the MICEX, 2.4% for Sberbank (RTS: SBER), 2.5% for MMC Norilsk Nickel (RTS: GMKN), 0.6% for Polyus Gold (RTS: PZLZ) and 0.8% for Rosneft (RTS: ROSN).
Second tier stocks Megionneftegaz fell 4.3%, Avtovaz (RTS: AVAZ) - 0.6% (common) and 1.9% (pref), Industry & Construction Bank (ICB) - 1.9%, VSMPO-Avisma (RTS: VSMO) - 1.7% and Transneft (RTS: TRNF) - 0.4% (pref).
RTS Classic Market trading volume was $16 million and MICEX volume was 20 billion rubles - 7.252 billion rubles of it in Gazprom shares.
RTS$#&: AVAZ, EESR, GAZP, GMKN, LKOH, PLZL, ROSN, SBER, SNGS, TATN, TRNF, VSMO pr
Copyright 2006 Interfax News Agency. Source: Financial Times Information Limited.
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