Russian stocks may open mixed on steady oil price

MOSCOW, May 5 (PRIME) -- Russian stocks may open mixed on Thursday against the background of neutral dynamics of foreign floors and stabilized oil prices, analysts said.

“Speaking of the Russian indices, their opening may be mixed. The ruble-denominated MICEX may show a slight contraction of up to 0.4% at the opening, while the foreign currency–denominated RTS may open slightly higher,” Vasily Oleinik, an expert at investment company ITinvest, said.

The Brent oil price rose 1.805% to $45.44 per barrel as of 9.10 a.m. Moscow time. The price was supported by rumors that fires in Canada have significantly damaged oil production, which may plunge to 1 million barrels per day for a while, Oleinik said.

The general background is close to neutral with U.S. stock index futures rising, Asian floors showing mixed dynamics and European floors closing in the red zone, Anton Starstev, leading analyst at investment company Olma, said.

“Suspension of downward correction of the RTS index is possible at the beginning of trade today. The Brent oil futures stabilized above $45 per barrel despite growth of oil reserves in the U.S.,” Startsev said.

The Russian market may open close to neutral, as the morning improvement of the background will only compensate Wednesday evening’s contraction of futures for Russian stocks, Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

“We expect the market to open with insignificant fluctuations of the MICEX index close to 1,925. The levels of 1,910 and 1,900 will remain the closest significant support, while the 1,940 and 1,950 will act as resistance,” Manzhos said.

Later in the day, the U.S. jobless claims statistics may exert some influence on trade at the Russian market, Manzhos added.

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