Russian stocks can keep on rising as oil prices grow

MOSCOW, May 28 (PRIME) -- The Russian stock market can open in the green zone on Friday, continuing to increase as oil prices are rising, as well as foreign markets, analysts said.

"The Russian stock market was the best again yesterday, resetting the historical highs and adding 0.75% at the end of the main session," Alor Broker’s senior analyst Alexei Antonov said. "The external background today is calling for continuation of purchases: U.S. futures are growing by 0.2–0.4%, oil is trading higher than U.S. $69 per barrel," he said.

Antonov also said that market participants could take speculative profit at the end of the Friday's session after five straight days of growth.  

Georgy Vashchenko, head of the department for operations on the Russian stock market of investment company Freedom Finance, put the MOEX Russia Index target range at 3,700–3,750. He also said that a report by Gazprom for January–March under International Financial Reporting Standards (IFRS) would be in focus of investors' attention.   

Antonov said that Sber is seeing an upward trend, gold producers are correcting downwards, but this is not expected to last long, while oil produces looked weak in May, and Norilsk Nickel, which would trade for the last day with dividends on Friday, is unpleasantly surprising.

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