Russian stocks to grow as oil price at $37, foreign markets rise
MOSCOW, Mar 4 (PRIME) -- The Russian stock market is set for a second day of gains on Friday, which can help its consolidation at annual highs, on the back of an oil price increase to U.S. $37 coupled with positive dynamics of foreign markets, analysts said.
“The growth can continue today on the back of a moderate increase of the black gold price,” Premier-broker analyst Alexei Kozlov said.
Brent rose 0.62% to $37.30 at 9:27 a.m. Moscow time.
U.S. stocks grew on Thursday in the evening, S&P 500 futures are neutral, Asian shares are rising slightly, which will inspire an upbeat mood in Russia, Kozlov said.
The MICEX will open with an about 0.2–0.4% upward gap at about 1,865, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said. The positions of the RTS are somewhat shaky because it has not consolidated above the 800 level, Olma’s senior analyst Anton Startsev said.
“At the same time, I need to emphasize that a decrease of the stocks’ sales volumes on the Moscow Exchange and a low activity of investors will be a seasonal peculiarity of the last trading session before the March holidays, as investors give in to a romantic mood of the beautiful spring holiday (International Women’s Day on March 8),” Oleg Shagov, head of investment company Solid’s research department, said.
Releases of U.S. labor market and drilling activity data can cause outbursts of volatility on Friday in the evening in Russia, Shagov said.
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