Russian stocks to rise as oil above $55, foreign markets rise

MOSCOW, Feb 10 (PRIME) -- The Russian stock market will open with an upward gap on Friday on the back of an oil price consolidation above U.S. $55 per barrel and an increase at foreign markets, analysts said.

“Taking into account a positive external background, a MICEX rise of up to 0.5% is expected in the first half of the day,” Timur Nigmatullin, an analyst at investment company Finam, said.

Brent quotations have remained above the $55 level as investors are expecting U.S. drilling data publication. U.S. stock market futures are slightly increasing. Asian markets are demonstrating positive dynamics, and the European premarket signals an opening with upward gaps later in the day. All these factors make for a moderately positive background for the start of the Russian trading session, Oleg Shagov, head of investment company Solid’s research department, said.

The MICEX is expected to open at about 2,175 after closing at 2,173.98 on Thursday, he said.

The State Duma, the parliament’s lower house, will consider a bill on abolishment of the personal income tax on revenue from corporate bonds, which, according to Shagov, is expected to influence investors’ moods on Friday.

At the corporate stage, VTB will hold a Welcome Day to be attended by Russian investors, Shagov said.

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