Russian stocks can edge up thanks to energy market recovery

MOSCOW, Feb 8 (PRIME) -- The Russian stock market can open higher and advance later on Wednesday thanks to recovery seen on the global energy market, analysts said.

“Demand can return to Russian stocks in light of the ongoing recovery of energy prices from the lowest local levels of U.S. $80 per barrel of the Brent oil. As a result, the MOEX Russia Index can develop a wave of growth started at the end of January,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In case the market manages to consolidate above November’s highs of around 2,250, it will gain another signal to advance further to the area of 2,400–2,500, he added.

Zvarich sees the global environment as controversial with the main Asian markets trading mixed, the core U.S. benchmarks futures consolidating near the level of closing, and the Brent oil price losing 0.1% to $83.6 per barrel.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the Russian stock market to open with restrained changes of up to 0.5% within the 2,255–2,280 range of the MOEX Russia Index.

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