Russian stocks may open higher on crude price rebound

Moscow, Mar 15 (PRIME) -- The Russian stock market may firm at opening on Wednesday thanks to a rising Brent oil price supported by the recent U.S. crude inventories report, analysts said.

“We expect the MICEX to open higher at around 2,005 and assume it may continue to recover from last week’s losses. The crude stocks statistics and an upcoming expiration of March oil futures contracts will add volatility to the market,” Oleg Shagov, head of investment company Solid’s research department, said.

The U.S. stock exchanges are easing, and the Asian benchmarks look mixed. Investors are cautious ahead of the Fed’s key rate decision.

Andrei Vernikov, deputy CEO for investment research at Zerich Capital Management, said that traders estimate the possibility of a hike in the key rate at 94%, but there is still uncertainty regarding how fast the rates will be increased.

“Today’s intraday dynamics of the Russian market will be influenced by the global crude prices, Western stock indices, as well as ruble fluctuations, economic statistics and major events,” Shagov said.

The market will also be driven by releases of 2016 IFRS financial reports by metals giant Norilsk Nickel and silver and gold producer Polymetal International.

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