Russian stocks to firm on rising oil price, lack of news from West

MOSCOW, Mar 25 (PRIME) -- The Russian stock market will firm at opening on Friday because oil prices have started to recover, while Western trading floors are closed for Easter Holidays, analysts said.

“We expect to see the Russian stock market opening in a neutral to positive key at about 1,870 of the MICEX as I assume that this figure will try to win back some of the losses it suffered in the last few days in the conditions of a neutral external background and reduced investor activity,” Oleg Shagov, head of investment company Solid’s analytical department, said.

“In the West, the approach of long holidays has become an additional factor of lower activity of buyers – bourses in many countries will be closed for the Easter Holidays on Friday,” Olma senior analyst Anton Startsev said.

The Brent price again rose above U.S. $40 per barrel, reacting to a lower number of U.S. drilling rigs, Shagov said. At 8:57 a.m., Moscow time Brent fell 0.07% to $40.44.

Positive dynamics of markets in Asia in the morning will help Russian stocks recover, Ilya Frolov, an analyst at Promsvyazbank, said.

The Russian Finance Ministry will hold a meeting with uncut diamond giant ALROSA, which can influence ALROSA’s shares to a great extent, Shagov said.

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