As a result of trades 09.07.2009 MICEX index of energy-reduced by 3% and closed at 1 562 points. The volume of transactions compared to the previous day's decline. The biggest energy companies have shown mixed results on Thursday: FGC UES shares cheaper at 6.7%, the value of securities RusGidro grew by 0.3%,

IDC Holding has lost 5.8%, the price of securities Mosenergo fell by 3.9%, stock quotes, Inter RAO UES increased by 1.5%.

We wish to acknowledge the positive dynamics of shares of TGK-11, which took off on the eve of 10.1%. At the same analogues in the generation segment, on average cheaper at 0.6%.

We believe that the main catalyst for the growth of quotations of securities was the news that Inter RAO has filed an application with the antitrust authorities for permission to consolidate 100% of the shares of TGK-11. Go under the control of Inter RAO is a positive development for TGK-11, because it would mean the end of the conflict between shareholders and will provide an opportunity to manifest hidden fundamental growth potential. We reiterate our recommendation to buy for the shares TGK-11 and our target price of 0.122 cents per share.

A number of key indicators for the market came to its level of support that gives hope to reduce the suspension of shares
Among the blue chip shares in the largest red FGC (-5%) and prefy Sberbank (-3.4%), in the black, Rosneft (0.6%)
Oil prices and the index of the MICEX balance in the region of significant levels of support, which could provoke a breakdown of sales
If the United States reporting companies will not be worse than forecasts, the Russian market will be the potential for growth
It is possible that by the middle of the day, buyers returned to the Russian market
Publication of the index of consumer confidence in the United States can not meet the expectations of analysts
The growth potential of the top of the MICEX index has restricted levels of 920-930 points
Today, the Russian markets have a chance to go lower than 880 points on the MICEX index
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