Oil plays against bulls

From our point of view, one can expect a moderately positive opening of the Russian stock market. A negative point is the slight decline in oil prices, respectively, the oil and gas sector will be worse than the market. The growth indices in the opening should reach 0.5% -1%.

Negotiations Dmitry Medvedev and German Chancellor Angela Merkel, as expected, yielded no surprises. The parties once again confirmed the commitment of the project Nord Stream, perhaps it will be positive for the local shares of Gazprom, which is not particularly effective in business, but a very attractive event.

As always in recent times, the Russian players will focus on the situation in foreign stock and commodity markets. Closer to the end of trading session, perhaps the local activity of the sellers.

From the fundamental point of view, the RTS index yesterday broke mark of 900 points, ie entered into an area of our fair evaluation. However, this does not mean that the growth potential has been exhausted. Our baseline scenario assumes a corridor 900-1200, 1300-1500 optimistic on the RTS index. It is at these ranges should be targeted to investors in the current year.

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