MOSCOW, Jul 12 (PRIME) -- Russian stocks are expected to open with an upward gap on Wednesday because of consolidation of oil prices above U.S. $48 per barrel, analysts said.
“The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today,” Oleg Shagov, head of investment company Solid’s research department, said.
Brent futures have consolidated above $48 per barrel after publication of statistics data by the American Petroleum Institute (API), signaling a significant reduction of oil reserves in the U.S., Shagov said.
U.S. stock market futures are little changed, Asian markets are showing mixed dynamics, the European premarket hints at small upward gaps during the session start later in the day.
According to Shagov, all these factors will contribute to the MICEX opening at 1,940, with a local upward trend expected to continue if the external background remains positive.
Olma senior analyst Anton Startsev said that the RTS has no reasons to leave its consolidation range so far.
Shagov said that release of Severstal’s operating figures for April–June and January–June and a court hearing of a case by Rosneft and Bashneft against Sistema will be the key corporate events on Wednesday. Sistema will also see a dividend gap, he said.
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