Russian stocks to grow as oil prices beat record highs

MOSCOW, May 16 (PRIME) -- The Russian stock market will surge on Monday at the start of the session because oil prices are beating record highs for 2016 and there is a growth in U.S. stock market futures and Asian indices, analysts said.

“The oil futures price increase in the morning gives us a reason to hope for a start of the trade in Russia in the green zone. A MICEX growth to the range between 1,920 and 1,930 is possible in the start of the day,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

Brent grew 1.34% to U.S. $48.47 per barrel at 8:57 a.m., Moscow time. U.S. stock market futures and key Asian indices rose, which makes for a positive background for the Russian trading session opening, Manzhos said.

A meeting of the commission monitoring the socio-economic development chaired by President Vladimir Putin will draw investors’ attention later on Monday, Oleg Shagov, head of investment company Solid’s analytical department, said.

No important statistic releases are expected on Monday, and Russian market participants will focus on the oil price dynamics, Manzhos said.

Investors will expect release of a financial report of VTB for January–March under International Financial Reporting Standards (IFRS) and a Strategy Day of metals maker Norilsk Nickel, Shagov said.

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