Russian stocks may edge up at opening on stronger oil price

MOSCOW, Oct 13 (PRIME) -- The Russian stock market is to open modestly higher following strengthening oil prices and to edge up during the day on Friday, analysts said.

“We expect the market to open about 0.2% higher at around 2,095-2,100 of the MICEX index… After a positive start of trade we may see new attempts to break through a 2,100 mark. If it is done, the benchmark may aim at 2,110,” investment company Nord Capital said.

Olma senior analyst Anton Startsev said that the Russian stock indices will likely rise in early trade following the oil price dynamics, but there is no sufficient reason for the RTS index to rise above 1,150 yet.

Oleg Shagov, head of investment company Solid’s research department, said that the December Brent oil futures grew to around $56.6 per barrel ahead of the U.S. drilling statistics on the back of Hurricane Nate.

He also said that the major U.S. futures indices and the Asian market look mixed and flat.

In Russia, investors may also be interested in decisions of Gazprom’s board of directors, that will discuss adjustments to a 2017 investment program and by Promsvyazbank and Vozrozhdenie Bank’s general meetings of shareholders that will consider a merger.

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