investors' mood is definitely changing

Bidding on Wednesday afternoon at Russia's stock markets are in negative zone for most liquid securities. Major salesrecorded in the shares of oil and gas sector, as a result of yesterday's drop in prices in the energy market. Today quotes mixture Brent not actively adjusted upwards ($ 72.15 per barrel; 0,4%), after yesterday's collapse. But this is clearly not enough to increase traction investors to buy shares in this sector.

MICEX and RTS dinner together show a decline of 1%, following the negative dynamics of the European exchanges (FTSE -0,32%) and futures on U.S. indices (SP -0,19%). No commodity segments of our market share mainly due to sluggish decrease the overall negative background, although there are very positive themes.

In the last day on world exchanges was clearly noticeable change in investor sentiment. Unbridled growth at the slightest positive, now gave way to caution for new purchases. This was noticeable yesterday, when U.S. indices closed symbolic growth after sverhpozitivnyh data on an index of consumer confidence, as well as the rise of the index of house prices SP /Case-Shiller. Something similar can be observed today, when the growth Ifo business sentiment index to 90.5 (forecast 89.1) in August, not to have any positive effect on European equity markets.

Yesterday's data from the API thrown off the price of oil from the previous heights. I think that tonight this topic will be continued after the EIA report on stocks of petroleum and petroleum products. We look forward to in the near future oil prices at $ 70/barr. An additional factor can not speculate on price increases in this sector is the fact that the euro /dollar is now very stable and can not overcome the bar 1,436.

Better the market today traded shares of our steel companies: Severstal 2,37%, 0,9% of CMI, Mechel 1,3%. Demand in this segment was confirmed Minpromtorg, which showed that at the present time the metallurgical works in Russia recovered to pre-crisis levels. So in July 2009 the index of production in this sector amounted to 84,6% by July 2008 and 107.4% the previous month.

Shares Gazprom has only short-term wager accounting concern, then the demand for paper re-entered the mainstream obscherynochnyh sentiment. Recall Gazprom's net profit according to IFRS in the 1 st quarter 2009 decreased compared to the same period of 2008 in 2,6 times - up to 103.679 billion rubles. But exceeded analysts' forecasts (84.75 billion rubles).. In reporting we pleased that the profit margin on sales remained at 30%, and reduced costs half of the articles of the company compared to the fourth quarter of 2008

absolute well done today appear Magneto shares (5.16%), which are easily reached new levels thanks to a brilliant historical financial statements shows the growth in net profit 1 st half of 2009 under IFRS by 147% ($ 117.9 million ). We reaffirm the recommendation to purchase shares of the retailer on the waves of local cuts quotes.

Toward the end of today's trading session, we again see the growth of quotations on the volatility of our stock exchanges on the fact of release of the July data on orders for durable goods (forecast: 3.3%). In the July 18-00 waiting for sales data on the primary housing market (estimate: 390 thousand), and, finally, in the 18-30 goes traditional EIA report on stocks of petroleum and petroleum products.

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