The Russian market rode high Thursday on the back of positive corporate news flow being released from the US, and as a result, t he RTS rose 1.79% and MICEX added in 1.96%.
O&G stocks went up against an upturn in crude prices: Gazprom grew 2.6%, Rosneft gained 2.2% and LUKOIL climbed 2%. Banking names were on the rise as well: Sberbank advanced 2.5% and VTB spiked 2.3%. Metal and mining stocks again outperformed the marker: Severstal rocketed 5.9%, MMK jumped 6.4% and NLMK added 3.4%.
US market showed a steady upturn Thursday, with benchmark indices rising over 2%, on the bank of positive corporate news flow. Asian markets opened to the upside this morning, pushed up by surging commodity prices. Crude prices are currently trading at USD 77.6 per bbl.
In our opinion, the morning news flow is positive for the Russian stock market. High crude prices could drive up O&G plays. As to statistics, we recommend paying attention to UK GDP data for 2Q 2010, due to be published at 12:30 pm.
