Russian stocks can grow on oil market recovery, US futures rise

MOSCOW, Mar 21 (PRIME) -- The Russian stock market is likely to open with an upward gap on Tuesday because of a rebound in oil prices, coupled with growth of U.S. stock market futures, analysts said.

“The ultimate influence of key foreign factors that have a significantly impact on the Russian financial market is moderately positive today at the start of the day in our opinion,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent oil futures are growing on statements by OPEC and other oil producing states that the current oil output reduction agreement can be prolonged. U.S. stocks futures are increasing, while Asian markets are mixed and the European premarket signals small changes during a trading session start, all these factors are making up for a positive background for the beginning of the session in Russia, he said.

Finam analyst Bogdan Zvarich said that the MICEX index is expected to rise to 2,050 during first few minutes of the trade.

MTS and Unipro will publish financial results, while PhosAgro’s board of directors will meet to consider dividend payments later in the day. According to Shagov, these events are expected to be the most interesting for investors.

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