Russian stocks can open flat as oil prices stabilize at $50

MOSCOW, Jun 3 (PRIME) -- The Russian stock market will likely see a marginal upward gap on Friday at the session start because oil prices rose on Thursday and consolidated at U.S. $50 per barrel, analysts said.

“A standstill is possible today in the start of the day… the external background gives us no reason for strong dynamics,” Anton Startsev, senior analyst at investment company Olma, said.

Oleg Shagov, head of the research department of investment company Solid, said that oil prices are fluctuating around $50 after a late Thursday increase on the back of U.S. oil reserves and production figures.

The MICEX will open with a small upward gap at 1,895–1,900, Shagov said.

The focus of market participants will be on publication of the U.S. labor market and business activity statistics, which can influence the key rate decision by the U.S. Federal Reserve System in June, Shagov said.

A release of financial results of oil major Rosneft and a meeting of the board of directors of steelmaker Novolipetsk Steel (NLMK) will be the key corporate events on Friday, Shagov said.

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