On Thursday, Russian equities kicked off with gains across the board on the back of upbeat performances on global bourses. However, the expected release of another batch of US stats prompted investors to adopt a wait-and-see stance in afternoon trading, adding volatility to stock indexes. Additional pressure on the market came from the release of the US Department of Commerces forecast for Q207 GDR growth, which called for 4% on an annualized basis against the earlier 4.1% projection and also from the PCE Core Index (household consumer expenses minus food and energy) that jumped 1.3% in April-June, while a 1.4% advance was anticipated. By Thursdays final bell, the MICEX Index inched up 0.02% to 1,641.06 and the RTS Index fared better, up 0.48% to 1,880.43. Crude futures surged 2.5% after the release of the US mid-week inventory report, showing a steep decline in crude and gasoline stockpiles. However, during the session Brent contracts corrected down to $71.70 a barrel, pushing MICEX-listed O&G names lower: Tatneft tumbled 1.77%, Lukoil eased 0.26%, Rosneft pulled back 0.83%, Gazprom Neft ended 0.56% weaker and Gazprom closed down 0.22%. Surgutneftegaz emerged as the standout gainer, up 0.42%. Norilsk Nickel (+0.99%) headed north Thursday on MICEX on the strength of surging base metal prices. Other MICEX blue chips finished the day mixed: UES slipped 1%, Sberbank advanced 0.38%, Rostelecom rose 0.2%, MTS spiked 2.46%, VTB fell 0.17% and Polyus Gold was off 0.68%. Turnover dropped to $48.27 mln on benchmark RTS and came to $6,867.45 mln on MICEX.
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[Source: Russian Stock Market Blog]
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