Russian stocks to grow on global rally, oil price gains

MOSCOW, May 25 (PRIME) -- The Russian stock market will open with an upward gap on Wednesday because bulls will be supported by a global rally inspired by strong U.S. housing sales and because of rising oil prices, analysts said.

“An increase is possible today in the start of the trade. The data about U.S. new housing sales published yesterday was so strong that the optimism around it outweighed the concerns connected with a possible toughening of the Federal Reserve System’s monetary policy, a rally has begun on global stock markets,” Olma leading analyst Anton Startsev said.

Brent futures again ascended beyond U.S. $49 per barrel, U.S. stock market futures and key Asian indices are in the green zone, which makes for an upbeat mood in Russia in the morning, Oleg Shagov, head of investment company Solid’s analytical department, said.

The MICEX is expected to open at 1,885–1,890, Shagov said.

Later on Wednesday, market participants will focus on a meeting of the Russian economic presidential council, Shagov said.

A release of financial reports of fertilizer maker PhosAgro and Sberbank will affect related shares, he said.

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