Immunity to Statistics

external funds on Thursday for the Russian sites turned out to rather mixed. Thus, the American ground before closing in negative zone, having lost about 0.5%, the leaders began to fall as shares of commodity companies. It is worth noting that the indices fell despite the positive data on U.S. GDP. Asian site this morning just traded mostly in the red zone. The greatest losses now incurred Korean KOSPI, decreased by 1,7%, the Japanese NIKKEI also decreased by 1,5%, while India's BSE Sensex added 0,045%. The only positive point for the Russian sites was a long-awaited rebound in petroleum quotations. After the closure of Russian oil markets added about 5% on brand Bent and by morning was trading above $ 69 a barrel.

batted in the wake of Russia's oil market is also opened gepom up. The driving forces behind the growth of steel, as expected, the paper-oil sector. However, the MICEX market for more was not able to, and under the closure added about 1,3%, which were played in the morning. Throughout the day the market was trading in anticipation of statistics from across the ocean that goes at 16:30. Expenditure grew by 1,3%, which is the highest jump since October 2001 (expected to increase by 1,1%), while revenues increased by 0,2% (expected to increase by 0,1%). However, the number of initial applications for unemployment benefits rose last week to 17 thousand with the predictions of the total of 5 thousand, but the total number of Americans receiving unemployment benefits fell to 6.09 million people, with projections of growth up to 6.170 million in addition released at 18:00 business activity index fell to 52 points, with growth expectations to 54 points. As a result, the market jumped after the first portion of statistics, he returned to the level of opening immediately after the second. In my opinion, next week could be a reversal for Russia's market, in connection with the unlikely release of oil to the new range and the lack of positive from the western areas.

From news of the second tier may be noted reports of Polymetal. Thus, the company's revenue declined by 15% in 1P09/1P08 due to lower average selling price of silver by 24% and reducing the production of metal by 8%. Return purified from the effect of last year's stock option plans EBITDA declined in comparable periods of 5.5 percentage points Cost of production net of depreciation increased by 1% in 1P09/1P08. Unit cost of production conditional ounce of metal in gold equivalent in determining the company increased by 9%, from $ 405 in 2P08 to $ 442 in 2P09. The high cost of the company explains the long cycle of the stock movement, when expensive materials purchased in 2008, spent the first half of 2009. For this reason, in the second half of Polymetal expects a significant reduction in costs, despite the strengthening of the ruble: reducing unit cash costs per tonne of ore processed in 2009 is expected to reach 15-20% by 2008. Our target price of ordinary shares Polymetal is $ 5.5 at the end of 2010, well above the current stock price of the company.

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Analyst Ratings

To continue the growth of the MICEX index at the close of trading should remain above the 1,210 points mark
As of 18:00 Moscow time the volume of trading on the MICEX Stock Exchange amounted to 154.54 billion rubles
Stable single dynamics on the equity market is not observed
Intervention SNB interrupted euro rebound from lows
Prices EUR /USD pair close to the level of support 1.4540
Technical Analysis for 01/10/2009
On the interbank market have risen in price the dollar and euro
In the State Duma of Russia have hinted that the poorer countries of gas will soon be not to buy
PFTS: Market shares of Ukraine's leaders in terms of growth in the world