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Continuing to outperform peers


Overall, we saw another week of outperformance from the Russian market, which pushed the RTS index up 1.6% – higher than other EMs which traded almost sideways, while the MSCI World index advanced 2.0% on the back of S&P500 puncturing the 1,400 level and closing the week at a new post-2008 high. Russian Energies and Financials traded ahead of other segments, gaining some 1+% on average, with other sectors providing mixed weekly returns. Globally, Financials stood at the helm surging 4.7% WoW and now delivering a 23% YTD return – the best among GICs-10. As for Friday’s market action, activity remained high as total turnover in Russian stocks printed USD 5.4bn (40% above average). Among bright single stock movers in the liquid space we note Surgutneftegaz prefs (+2.4%, 2.7x, +8.1% WoW), Transneft prefs (+3.9%, 1.2x; +7.1% WoW), Sberbank prefs (+1.9%, 1.6x; +8.5% WoW, see the story on dividends below) and MRSK Holding (+1.3%, 0.8x; +9.4%WoW) which provided the best return among MSCI Russia constituents over the week, now outperforming FSK (-3.7%, 1.4x, -5.1% WoW) by 33pp on the one-month horizon. Among other pairs we also note MTS (+1.6%, 1.5x, +4.6 WoW)/VimpelCom (-3.3%, 3.0x; -6.8% WoW) diverging on the 2011 results released at the start of last week.

This morning, Asian equity gauges are trading slightly in the black, front S&P is 0.2% up, EURUSD is at 1.317, front Brent is trading at USD 126. On the Russian corporate front, today we note Etalon’s 2011 results (UC RUSAL has already reported, see the story below).
Alexey Zabotkin, Andrey Amelin, Sergey Galkin
VTB Capital analyst

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