On Wednesday, Russia presented a pleasant surprise, which it seems to expect only a few. Although the morning the mood of Russian investors remained positive due to a positive closure on Wall Street (all day SP and Dow-Jones traded to the uncertain trend, but by the evening of indices markedly grown up), but the agony of suspense will not happened - in the morning speculators have made a couple of fairly aggressive attempts force in the market down. But the market has shown an enviable resilience and growth of the leaders went out shares of Gazprom, Novatek and NorNikelya. By the end of the day from the mini-rally is not left behind even the bank shares, which last week had not used a particular demand. Among other things, on the MICEX stock much RusGidro who flew at 14.2% on a huge amount of $ 60mln (6 th place on the turnover on the stock exchange!) On the news about the imminent launch of the ADR I-level in the United States.

While we are not leaving the impression that the mini-rally environment is not justified by fundamental factors, we still can not admit that the rise yesterday was a very high quality - the volume of trades on the MICEX distributed throughout the blue chips, in the proportion who say the seriousness of purchases. Perhaps the market come major institutional investors, and on Tuesday and Wednesday it was buying from them.

The opening of the Russian market on Thursday can be a little lower due to the fact that the American indexes have not been able to maintain a high positive attitude until the end of trading session (losing almost 1% of the maximum of the day). In addition, should not go unnoticed and fairly sharp decline in oil prices due to growth stocks - Brent from $ 72 to $ 68/brr. However, we do not rule out that the quality buying to resume during the day, if the market does not receive new negative news.

We believe that the bulls again will buy shares of oil and steel companies. Moreover, it is not excluded interest in the energy sector companies on the background of the demand for RusGidro. In addition, the energy sector over the past two weeks strongly prosel, and the question of technical correction after the fall of the already overdue.

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