Accommodation in the midst of correction

Morning background on Friday issued a negative. Despite the positive closing of the American sites, which was due to rally in the financial sector. Rally in this segment was due to increases in the assessment of securities Goldman Sachs. As overseas markets helped increase the price of gas and as a consequence of the pleadings support the energy sector. But now the Americans have continued to decline and by the closure of the domestic sites are reduced by an average of 0.1%. Asian sites showed approximately the same momentum as the U.S. and also closed in the red zone.

domestic market all week had been under pressure from falling oil futures, and today was no exception. So, a week oil has lost more than 7% and ends at the point of its $ 60.5 to mark Brent. Keep pace with the Russian court, losing a week on the RTS index over 12% and 10% on the MICEX. In our view this trend may continue even in the next week and by next Friday, we can see the indexes MICEX and RTS in the middle levels, the beginning of March.

Of the notable events of the week it is desirable to note the additional accommodation Rusgidry. In the course of the additional issue RusGidro on the right of priority have been redeemed 7.2 billion of additional shares at a price of 1 ruble placement, or 45% of the total additional issue. The main purpose of the additional issue was the introduction of the State in the capital of the company to finance the investment program RusGidro. After the implementation of priority, the remaining shares of additional issue will be able to buy a wide range of investors. We believe that investors will show interest in buying shares RusGidro. First, the cost of placing shares at 17% below market. Secondly, in recent times there has been favorable news background of the company. At the same time as the price below market and below-consensus forecast of a fair price, we believe that placing the additional issue will have a negative impact on the fundamental value RusGidro and stock quotes, company. Our fair price of shares RusGidro - $ 0,062, recommendation - Buy.

Overview of the foreign exchange market 10.07.2009
The course is kept buying the dollar unchanged - the evening review of cash markets
Rekapitaliziruemye banks began to develop plans for repayment of obligations finuchrezhdeny to avoid the buzz among investors
Geets: Western creditors are interested in restructuring the debt of Ukrainian banks
Forex on the European session
In the near future, the Russian stock market could reach 1000 points
MICEX index back to levels in April 2009
At the end of the trading the MICEX currency market the U.S. dollar at the ETC in the calculations tomorrow was 32,404 rubles. the dollar
New reasons for concern