Rising oil prices to support Russian stocks at opening
MOSCOW, Jul 4 (PRIME) -- The Russian stock market may rise at opening due to oil prices recovery and consolidate later in the day on weak investor activity amid Independence Day celebration in the U.S., analysts said on Wednesday.
УWe expect the MOEX Russia Index to open moderately, around 0.3%, higher at 2,310Е In the first minutes of trade the local market will price in the morningТs rise of crude prices. After a moderately positive start, the benchmark may consolidate as the external background will have a weak influence,Ф Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.
Olma senior analyst Anton Startsev said that non-residents are likely to demonstrate low activity due to Independence Day celebration in the U.S., and the European statistics releases will have only limited influence on the market.
He expected the RTS index to continue consolidation.
Manzhos agreed that the market is likely to consolidate during the day, but did not rule out significant speculative movement in specific securities.