Russian stocks may grow in attempt to recoup previous losses

MOSCOW, Apr 6 (PRIME) -- The Russian stock market may try to win back part of the previous day’s losses thanks to strengthening metals and crude prices on Tuesday, but the space for growth is limited, analysts say.

“We expect the MOEX Russia Index to open with moderate changes of 0.1–0.3% within the 3,515–3,535 range… The benchmark is highly likely to consolidate later in the day thanks to an uncertain external background,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The U.S. stock indices futures demonstrate a modest fall by 0.1–0,3%, the Asian markets are also seen lower, and the Brent oil price recovered by around 0.8% after yesterday’s sharp fall, he added.

Alor Broker analyst Alexei Antonov said that most industrial and precious metals are trading higher, and the Russian stock market, backed by the commodities and stronger crude, may try to recoup part of the previous day’s losses, but is unlikely to grow much.

Shares of non-ferrous metals producers and metals giant Norilsk Nickel may advance on Tuesday, he added.

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