Russian stocks to edge up backed by foreign floors, strong crude

MOSCOW, May 26 (PRIME) -- The Russian stock market is likely to edge up at the opening on Tuesday following global benchmarks and energy prices, analysts said.

“The (Russian stock) market will continue to rise in the first part of the day thanks to the U.S. futures adding 0.6–0.8% and the (Brent) crude price again breaking through the resistance line of U.S. $36 per barrel,” Alor Broker analyst Alexei Antonov said.

Shares of metals giant Norilsk Nickel may outperform the market on the back of rising palladium and nickel prices, Antonov also said. The stock may close its dividend gap today.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, expects the Russian stock market to open 0.5–1.2% higher within the 2,770–2,790 range.

Olma senior analyst Anton Startsev also said that the RTS index is likely to follow dynamics of global stock indices and energy prices, which are demonstrating an advance.

The market will also be driven by releases of IFRS financial reports for January–March by mobile operator MTS, Bank Saint Petersburg and metals and mining group Mechel.

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