long-awaited increase in

optimism on world stock and commodity markets, said in a confident opening of the Russian stock market in the green zone, the growth to be around 2%, the trading will be the favorite for the banking sector. Today at 10.00, Bank will publish consolidated financial results for the first quarter.

Gazprom will reduce the investment program by almost 26% to 755 billion rubles. Perhaps the market will evaluate the news positively, since reduction in investment increases the company's cash flows. The growth rates for natural gas in 2010 will be 15% for industrial consumers of electricity to regulated tariffs - 5% for freight rail transportation - 9.4%. This news is positive for Gazprom and Novatek, and negative for the electric power sector companies.

It is also once again noted that the devaluation is very positive for the cash position of Surgut, which is known to be kept in the currency. Surgut may become a local favorite.

Minkomsvyazi sent Vice Premier Sergei Ivanov, the proposal to return to public ownership 25% plus 1 share holding company Svyazinvest. Comstar UTS agrees to give the package in exchange for a 23% stake in MGTS and debt before the Savings Bank for 26 billion rubles. Risks minority MRK is still high, and we continue to prefer equities MTS Investments in subsidiaries Svyazinvest.

Today's auction will be heavily dependent on corporate accountability and American statistics. We have already noted that the figures look optimistic, that should move up the Russian indexes. We believe that July will be a good month for investors.

On FORTS bidders have traditionally shown a strong interest in contracts on RTS index and the Gazprom
At the auction on Monday, the players quickly enough to deal with panic and was not allowed in the Russian market collapse
The bulls there is hope for the preservation outset in the region of 880-1100 points of index MICEX
Shares of Russian oil and gas industry can now enter one of the leaders
In the afternoon, the bidders will pay attention to the publication statdannyh United States
The growth of world indices and foreign exchange intervention, the Central Bank indicate a weakening of positions vendors in the Russian market
Today, investors are awaiting release reporting Sberbank for 1 st quarter of 2009
At the end of Monday trading on the market shares of the MICEX Stock Exchange amounted to 100.92 billion rubles
Net profit of Sberbank on IFRS for the 1 st quarter of 2009 fell to 600 million rubles