Russian stocks may increase backed by oil price growth

MOSCOW, Oct 18 (PRIME) -- Russian stocks may increase at the opening on Wednesday, as growth of oil prices will add optimism to investors, analysts said.

“We expect the Russian stock market to open around 2,090–2,095 points at the MICEX index, assuming to see its attempts to return to the psychological notch of 2,100 points if the foreign background improves,” Oleg Shagov, head of the investment company Solid’s research department, said. On Tuesday, the MICEX closed at 2,092.57.

An expected ex-dividend gap in shares of metals giant Norilsk Nickel may have a moderately negative impact on MICEX’s dynamics, the analyst said.

Vitaly Manzhos, a senior risk manager at investment company Nord Capital, expects the MICEX to grow around 0.2% to 2,095–2,100 points at the opening.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today, Shagov said.

Brent oil futures are fluctuating around U.S. $58.2 per barrel, having increased after the publication of a report of the American Petroleum Institute (API) that indicated a significant reduction of the U.S. oil reserves.

The leading U.S. stock index futures are not changing much, and main Asian stock indicators are not showing single dynamics.

Among other corporate events, investors will follow publication of operating results by oil and gas pipe maker TMK and electronic goods and household appliances retailer M.Video, as well as financial results of steel maker Severstal.

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