Monday trading kicked off with modest gains in stock indexes, but before long stocks sank into the consolidation mode, closing out the day with marginal changes against morning levels. Sluggish activity was attributable to the fact that American exchanges were closed for the Labor Day holiday. A favorable external backdrop at the open stemmed from a 1% advance in US indexes after Fed chairman Ben Bernanke announced that the Fed will take action as and when needed to stabilize the market. Commodities markets also improved, but mixed performances on Asian and European bourses prevented Russian indexes from holding onto morning gains, and they closed fractionally in the black. The MICEX Index inched up 0.10% to 1,678.74 and the RTS Index added 0.34% to 1,926.50. Notwithstanding a rebound in Brent futures to $73.40 a barrel on fears that Hurricane Felix, that has been gaining strength, could damage oil platforms in the Gulf, most Russian O&G names finished the day in the red: Gazprom eased 0.33%, Rosneft dropped 0.59%, Gazprom Neft edged down 0.17%, Surgutneftegaz dipped 0.12%, Tatneft ended 0.81% lower, while Lukoil bucked the downtrend, up 0.79%. UES stocks (+0.90% on MICEX) posted advances in the run-up to the spin-off of WGC-5 and TGC-5 from the energy holding. UES equities were buoyed by the release at Fridays BoD meeting of stock distribution ratios to be applied in the course of the holdings final restructuring phase. VTB (-1.17% on MICEX) saw losses on news that the lender decided to suspend VTB North Wests takeover due to the situation involving the debt market. Other blue chips ended the session on MICEX as follows: Norilsk Nickel fell 1.12%, Sberbank grew 0.63%, Rostelecom tumbled 0.46% and MTS notched down 0.21%. Market turnover amounted to $7,392.27 mln on MICEX and was recorded at $44.78 mln on benchmark RTS.
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[Source: Russian Stock Market Blog]
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