Market Analysis

Today"s small correctional movement in Russia"s market is primarily associated with negative closing of the American share platforms on Friday, with the negative dynamics on Asian trading floors on Monday, and with a small downward correction of oil prices over the weekend.

Despite this, we note the fact that Russia"s stock markets show a good momentum to the movement of oil prices since the beginning of this year. If you look at the dynamics over the past thirty days, the oil decreased by 9,5%, while Russia"s stock market grew by 2,5%. This suggests that Russia"s market becomes more receptive to fundamental factors, namely - to the expectations of significant growth in profits Russian companies and the expectations of the beginning of the active phase of the restoration of Russia"s economy. According to our estimates, earnings per share in 2010 by Russian companies on average will increase by 150% for companies in other BRIC countries.

We believe that this week there is a greater likelihood that Russia will be able to demonstrate a positive platform dynamics. This will involve, above all, the fact that the decline in the market of oil and other commodities is over, and possibly start a small upward movement. In our opinion, the catalyst for growth in the Russian sites should start to address rising prices for oil and other commodities.

this week released a lot of important macroeconomic statistics in the world. In particular, on Tuesday in the U.S. will come the most important data for December on sales of homes on the secondary market and are expected in December, sales rose 1% compared to the previous month.

On Thursday, there are data on productivity in the U.S. for 4K. As expected, labor productivity continues to grow a record rate. The market expects to see the growth rate of 6% in annual terms.

But the most important macro-economic report this week will report on the labor market in January, which will be released on Friday. The market expects to see growth in jobs in the United States by 13 thousand after the fall of 85 thousand recorded in December. We note that the situation on the labor market is particularly jittery investor, and further signs of improvement in the labor market in the U.S. is likely to give investors an additional share of optimism.

If a moderate correction on Russian sites will continue on Tuesday, we recommend investors to open "long positions" in selected papers. In particular, we recommend you open the "long positions" in the Savings Bank. Savings can begin pre-purchase of its shares on the market to run the program options for the management of the bank. We also recommend that investors buy securities VTB. VTB will soon begin road show and placing Eurobonds for $ 1 billion in the metals sector, we prefer the securities Raspadskaya. Monday Raspadskaya announced that the price of coal concentrate this year will grow by 30%. This is higher than expected by many analysts.

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