Russian stocks may grow on rising oil, optimistic background

MOSCOW, Jul 29 (PRIME) -- The Russian stock market can open higher on Thursday and try to rise later in the day thanks to a moderately positive foreign background, analysts said.

“We expect the MOEX Russia Index to grow moderately by 0.2–0.5% at the opening within the range of 3,790–3,800… The benchmark can try to advance into the range of 3,810–3,830 later in the day,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Manzhos sees the external background as positive with major U.S. indices futures trading mixed, the Brent oil price adding 0.5%, the gold price growing 1%, and Asian market seen 0.6–1.4% higher.

Andrei Vernikov, head of investment analysis department of Investment Group Univer, agreed that the Russian market is likely to edge up at the opening although emerging markets do not look strong.

Investors in Russia will likely follow financial and operating results releases for April–June by Sberbank, IT company Mail.Ru Group, gas producer Novatek, grocery retailers Magnit and Okey Group, Amsterdam-based VEON, the sole owner of Russian mobile operator VimpelCom, U.K.-based mining giant Evraz, which operates mainly in Russia, power producers TGC-1 and WGC-2, mobile operator MTS.

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