Russian stocks may grow as rising oil prices support buyers

MOSCOW, Mar 6 (PRIME) -- Russian stocks are likely to edge up at opening on Tuesday following higher oil prices and a robust closing of the U.S. market, analysts said.

“We expect to see a moderately positive start of trade in Russia with an about 0.3% increase of the MOEX Russia Index close to the 2,315-point mark. The levels of 2,300 and 2,290 points will remain the closest support, while 2,320 and 2,330 points will act as significant resistance,” said Vitaly Manzhos, a senior risk manager at investment company Nord Capital,.

Anton Startsev, a leading analyst at investment company Olma, said that Monday’s increase of the RTS index may continue on Tuesday also because of easing of tensions around possible trade wars.

“The idea of U.S. President Donald Trump to introduce high import duties on steel and aluminum has not yet found strong support among either businesses or congressmen,” he said.

Oleg Shagov, head of investment company Solid’s research department, said that the background for the Russian stock market was positive at the beginning of the day with the main Asian bourses staying in the green zone and premarket data of the European trade session signaling a slight growth of major European stock indices at the start of trade.

“We expect the Russian stock market to open with an increase to around 2,315 points of the MOEX Russia Index and suppose that the stock indicator will continue the rise that restarted yesterday, under the conditions of a favorable external background,” Shagov said.

Shagov also said that the list of local corporate events that may have an impact on the trade later in the day includes releases of financial results of metals giant Norilsk Nickel and telecom giant Rostelecom for 2017 as calculated under International Financial Reporting Standards (IFRS), and a dividend payout recommendation from steelmaker Novolipetsk Steel (NLMK).

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