MACROECONOMICS.

The accumulated inflation in Russia for November, 20th made 7,9 percents. The chairman of Bank of Russia Sergey Ignatyev has informed on it today. (according to materials of PRIME - TASS)

As he said inflation in Russia for 20 days of November made 0,4 percents. In 2005 for first twenty days of November inflation made 0,6 percents, and the accumulated inflation for November, 20th 2005 made 9,8 percents.

In S.Ignateva's opinion, on results of 2006 inflation will make about 9 percents. He also noted that strengthening of a real effective ruble exchange rate on results of 2006 will make no more than 9 percents, " I think even no more than 8,5 percents".

The volume of gold and exchange currency reserves of the Russian Federation for November, 15th made 278,3 billion dollars. S.Ignatyev also has informed on it today.

He reminded that on the beginning of current year the volume of gold and exchange currency reserves made 182,2 billion dollars, on results of 9 months - 266,2 billion dollars. He noted that similar growth of gold and exchange currency reserves was caused by big inflow of the capital. For 9 months it made 79,9 billion dollars.

MARKET ‘S GENERAL SURVEY.

The tenders in the Russian share market on Tuesday, on November, 21st, were marked by the confident growth of quotations of "blue chips». By the end of a day MICEX index increased 1,29 %, having raised up to 1509,87 points. Activity in the market remained at a former level - yesterday players on MICEX gained 37,6 billion rubles.

The beginning of the tenders in the Russian share market promised to be interesting enough. After quite deep falling observed within last two days, quotations of papers have a little jumped from levels of resistance. Recession in the domestic share market in many respects is connected with downturn of cost of oil futures.

However last night, already after 18:45 Moscow time bull players took the initiative on commodity exchanges. As a result from the moment of closing of the Russian market cost of oil barrel was up more than 1 %. This fact influenced much on mood of the domestic traders, who have begun active buying up of papers right after the start of the tenders. As a result in an hour after opening of the market the quotations of the majority of shares grew more than 1 %.

In the further indexes were consolidated at the reached levels –occasions neither for purchases, nor for sales in the market increased, that at once affected the decreased volumes of the tenders.

On results of Tuesday in avant guarde of growth there were shares of the companies of oil-and-gas sector. Leaders were Tatneft papers, risen in price 3,57 % on a background of news about increase by S&P agency of a rating of the company from B up to B +. LUKOIL quotations were up 2,51 %, "Surgutneftegaz" - 1,75 %. Volume of the tenders with Gazprom shares increased essentially, which grew 2 % yesterday.

Norilsk nickel papers rose 1,84 % yesterday, «Polus Zoloto» - 0,38 %.

It is also possible to note growth of “NLMK” quotations by 1,2 % - the sanction for merge with European steel company Duferco was received.

By Wednesday on foreign trading platforms the positive news background was generated.

News about reduction of oil deliveries through an oil pipeline on Alaska led to essential increase in oil cost. On results of the tenders at leading oil stock exchanges ICE Futures and NYMEX the official prices of oil futures of the nearest month of delivery made accordingly: IPE Brent Crude - $59,95 (+1,64 %) a barrel; Light Sweet Crude Oil - $59,79 (+1,68 %) a barrel.

Yesterday the American indexes showed the moderate increase. On results of session Dow Jones index raised 0,04 % up to 12321,59 points, Standard and Poor’s 500 index was up 0,16 % to 1402,81 points, NASDAQ index increased 0,09 % up to 2454,84 points.

However already today oil was corrected on a background of increase in week oil stocks in the USA, this circumstance again put pressure on share market of Russia.

GAZPROM.

Positions of the shares of the joint-stock company did not change today - we remain outside the market.