Russian stocks may grow on oil price above $50/bbl

MOSCOW, Jul 27 (PRIME) -- Russian stocks may grow at the opening on Thursday backed by oil prices trading above U.S. $50 per barrel and amid an overall favorable foreign background, analysts said.

“We expect the Russian stock market to open at around 1,935 points at the MICEX index, assuming that this stock indicator can continue growth amid a favorable foreign background,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 1,933.10.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today, the analyst said.

Brent oil futures are fluctuating around $50.9 per barrel having grown after new statistics data pointed to a reduction both of oil reserves and oil production in the U.S.

The leading U.S. stock index futures are slightly increasing, and main Asian stock indicators are mostly demonstrating positive dynamics.

Investors will follow publication of financial results by steel maker Novolipetsk Steel (NLMK) and power producer Enel Russia, among other corporate events.

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