USD 65.6196

-0.64

EUR 72.8312

-0.67

BRENT 58.53

-1.42

AI-92 42.28

+0.02

AI-95 46.05

+0.01

AI-98 51.75

+0.02

Diesel 45.99

+0.03

14

RUSSIAN MARKET NEWS UPDATE MARCH 11th

The Russian equity market was relatively flat yesterday ahead of weekend elections...

The Russian equity market was relatively flat yesterday ahead of weekend elections. It drifted for most of the day and ended down 1.1%. There seemed to be little aggressive selling and in fact limited buying was seen in LUKoil, Yukos and the Gazprom ADS. The local Gazprom shares were slightly weaker (-0.1%) but on significantly lower-than-normal volume. Big movers were MTS, which fell 6% on the news that Leonid Reiman was appointed Deputy Minister of Communications, along with Vimpelcom, down 3.5%.

Russian Eurobonds were lower yesterday in line with global emerging debt markets. The EMBI+ Russia Index lost 0.3% with its spread widening by 3 bp to 263. The domestic debt market was higher, boosted by the ample rouble liquidity and demand unsatisfied at the OFZ auction. MinFin provided a small yield premium at the auction for OFZ 46002 but cancelled the OFZ 27024 auction, considering the bids unacceptable.