Russian stocks may rise on oil price growth, better background

MOSCOW, Apr 24 (PRIME) -- Russian stocks may increase at the opening on Tuesday backed by growth of oil prices above U.S. $75 per barrel and improved foreign background, analysts said.

“We expect a positive opening of the MOEX Russia Index with a moderate increase of around 0.3%, in the range of 2,255–2,260 points. The nearest support levels will be at 2,240 and 2,220 points. The resistance will be levels of 2,270 and 2,280 points,” Vitaly Manzhos, a senior risk manager at investment company Nord Capital, said.

After the moderately positive start the MOEX Russia Index will likely further grow to 2,270–2,280 points amid improved moods on the oil market, the analyst said.

Promsvyazbank analyst Mikhail Poddubsky said the Russian stock market keeps a potential for further recovery as the U.S. said on Monday it could remove sanctions from aluminum giant UC RUSAL.

“We should note that the news background over Russian assets significantly improved over the past week and a half, which may contribute to some reduction in risk premiums in Russian assets,” the analyst said.

KIT Finance Broker analyst Anna Ustinova also expects a positive start of Russian trading. “Taking into account a change in moods on the market due to possible easing of the anti-Russian sanctions demand for Russian assets is growing. The start of trading on the Moscow Exchange will be in the “green zone,” she said.

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