Russian stocks to rise on positive environment, oil price firming

MOSCOW, Apr 17 (PRIME) -- The Russian stock market may edge up on Wednesday backed by strong crude prices and supportive foreign environment, analysts said.

“We see the external background as neutral prior to the opening of the Russian stock market. Recovering interest in risky assets and positive crude dynamics will likely help domestic benchmarks continue yesterday’s success,” Vadim Kravchuk, analyst at investment company Solid, said.

Olma senior analyst Anton Startsev said that oil prices are supported by the American Petroleum Institute (API)’s report marking a fall in the inventories. The Brent oil price is consolidating at around U.S. $72 per barrel.

Startsev also said that the global background looks favorable thanks to better-than-expected China’s economic report that is why demand for emerging assets will persist.

Investors in Russia may also follow operating results releases for January–March from raw diamond mining giant ALROSA and real estate developer Etalon Group, as well the decision on 2018 dividends by power company Enel Russia’s board of directors.

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