Russian stocks can grow on oil price rise, ease of global tensions

MOSCOW, Oct 6 (PRIME) -- The Russian stock market will likely increase on Friday at the start of the day on the back of oil price growth and improvements in the global political situation, analysts said.

“Continuation of an increase on the Russian stock market is possible today at the start of the trade, easing of the external background is favoring a recovery of the buyers’ activity,” Anton Startsev, a senior analyst at investment company Olma, said.

Brent futures are close to the U.S. $57 per barrel level on news about a new hurricane approaching U.S. shores and expectations of publication of the U.S. drilling activity data. U.S. stock market futures are little changed, the key Asian indices are mostly demonstrating positive dynamics. The European premarket signals an increase later in the day.

According to Oleg Shagov, head of investment company Solid’s research department, these factors will contribute to growth of the Russian market at the start of the session.

The MICEX will likely open at 2,090 and can later rise to 2,100 if the background is favorable, Shagov said.

U.S. labor market statistics will be the most important data release on Friday and the St. Petersburg International Gas Forum and publication of Sberbank’s financial results for January–September under Russian Accounting Standards (RAS) will be the most important Russian events, Shagov said.

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