Russia stocks can rise on oil rally as OPEC promises stabilization

MOSCOW, Aug 12 (PRIME) -- The Russian stock market is expected to open with an upward gap on Friday after a rally on the energy market following a promise by OPEC member Saudi Arabia to take steps to stabilize the market, analysts said.

“Some increase of the RTS index is possible today at the start of trade following oil prices,” Anton Startsev, a senior analyst at investment company Olma, said.

The Energy Minister of Saudi Arabia confirmed the possibility of negotiations on oil price stabilization, which led to an oil market rally, Startsev said.

Brent rose 0.65% to U.S. $46.34 at 9:00 a.m., Moscow time.

The U.S. stock market futures are little changed after Thursday’s gains, the Asian markets are mostly rising and the premarket in Europe hints at an opening in the green zone, Oleg Shagov, head of investment company Solid’s research department, said.

The MICEX is expected to open at about 1,955 and can rise further propped up by the oil price, Shagov said.

The euro zone’s gross domestic product (GDP), and the U.S. retail figures and business sentiment will be the most noteworthy statistics releases for the Russian investors on Friday, Startsev said.

Publication of operating results of Gazprom and Dixy, and a dividend decision of Novolipetsk Steel (NLMK) will be the corporate highlights and can influence the market trends in general, Shagov said.

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