Source Pravda.Ru

Surgutneftegas makes 10% surge on RTS

Russian share prices continue growing. This is mainly due to a further rapid price upsurge in the oil sector. Surgutneftegas added 10 percent on the Russian Trading System (RTS). Experts explain such a fantastic growth, both in terms of its scale and speed, by a comprehensive buy-out. Surgutneftegas' trading volume was reported as equal to 1bn rubles (about $31.4m) on the RTS. Since the beginning of April, the shares of this company performed an almost 50-percent growth. On the previous business day, on April 18, the volume of trading hit $18.273m. Several other oil companies are among the leaders of the rally on the Russian stock market too. YUKOS added 5 percent and LUKoil - 3.6 percent. Other oil stocks are following them as well. All the above mentioned is a positive background for the RTS index to move up too. It has already hit the level of 415 points and has only 10 points to go before it achieves a 2003 record high. This is likely to happen either during the day today, or tomorrow. At the same time, analysts consider the possibility that the market will fall abruptly, once speculations with oil stocks are over.

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