Russian stocks to grow on S&P upgrade, oil price increase

MOSCOW, Feb 26 (PRIME) -- The Russian stock market is expected to open with an upward gap on Monday on the back of upgrade of the sovereign credit rating by agency S&P and increase of oil prices, analysts said.

“Rating agency S&P upgraded Russia to investment grade of BBB- with a stable outlook. This positive news will be reflected on the local stock market indices during the forthcoming trade,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

Improvement of the oil market moods will also influence the Russian stock market positively, he said. The May futures traded at U.S. $67.2 per barrel at 9:22 a.m., Moscow time.

Oleg Shagov, head of investment company Solid’s research department, said that the background for the start of the Monday’s trading session in Russia is positive as the U.S. stock market futures are increasing, the key Asian markets are growing and the European session premarket signals a rise later in the day.

The MOEX Russia Index is expected to open with an upward gap, at 2,350 and can set a new record high during the day.

VTB and Inter RAO will publish the financials, the reports are expected to become the most important corporate events of Monday.

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