MOSCOW, Apr 26 (PRIME) -- The Russian stock market is likely to open higher on Wednesday amid a moderately positive external environment, analysts said.
“We expect the MICEX to open at around 2,000 today and to try to consolidate above this psychologically important mark following four days of growth. The U.S. crude inventories (of the U.S. Energy Information Administration, or EIA) figures will be one of the most powerful market drivers,” Oleg Shagov, head of investment company Solid’s research department, said.
Finam analyst Bogdan Zvarich said that the Russian stock market is likely to be supported by a positive global background at opening as the energy market has managed to win back losses of the previous trading session partly and the Brent oil price has returned to above $52 per barrel despite a rise in crude stocks, according to the American Petroleum Institute’s (API) statistics.
He added that the U.S. benchmark futures are seen flat and the Asian markets are trading in the green territory.
“We expect the MICEX to break through a 2,000 resistance level and consolidate above it in the first minutes of trade,” Zvarich said. He added that later in the day investors will focus on the European stock exchanges, which may correct after two consecutive days of gains, and the crude oil statistics issued by the EIA.
Investors in Russia are also likely to follow a slew of IFRS results releases from independent gas producer Novatek, mining giant Mechel, power holding Inter RAO and Petropavlovsk Plc, which operates gold deposits in Russia, as well as dividend payment recommendations of the board of directors of oil major Lukoil and power producer Enel Russia.
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