RTS nudges towards 400 point. (Stock markets).(Russian Trading System )

The Russian Trading System continued to thrive in an unsettled global economic climate, refusing to follow the lead of international markets that suffered a choppy, headline-dominated week.

The momentum provided by last month's deal between BP and the owners of TNK, which propelled the RTS out of the mid-300 point range, is far from exhausted. Buoyed by its energy stocks, the index finished the week up by 3pc at 390 points. Russian investment bank UFG predicts that a spring rally could push it up to the psychologically important 400 mark. But liquidity levels remain quite low. Around $56mn worth of shares were traded between the 27 February and 5 March.

Russia's biggest oil producer, Lukoil, put in an impressive performance driven by preliminary data suggesting total Russian oil output or February was 8.07mn b/d, compared with 7.28mn b/d in February 2002. Lukoil continues to benefit from high global crude prices and favourable product export margins. Shares rose by 7pc to $15.68.

Yukos had another good week. Its fourth-quarter and full-year operational results …