Russian stocks to rise at opening as Brent sets local records

MOSCOW, Feb 15 (PRIME) -- The Russian stock market will likely open higher on Monday thanks to an oil price growth leading the Brent to a local record, analysts said.

"We expect the MOEX Russia index to open with a noticeable increase of 0.2–0.7% in the range of 3,435–3,450. The levels of 3,420, 3,400 will be support. The levels of 3,470 and 3,490 will be strong resistance," Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

According to Manzhos, Brent grew to U.S. $60–65 per barrel and can remain in the corridor of $57–70 for a long time providing noticeable support to the Russian market.

The analyst said that the February 12 statements by Central Bank Chairwoman Elvira Nabiullina on suspension of market stimuli and of Foreign Minister Sergei Lavrov on severing relations with the E.U. will cool market optimism to a certain extent.

Alor Broker analyst Alexei Antonov said that the inflow of Western capital to Russian shares continues, and Sberbank and Norilsk Nickel will keep on growing. The situation with gold producers is less favorable as the gold price growth stopped, he said.

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