Russian stocks to rise slightly on growing oil prices, US futures

MOSCOW, May 19 (PRIME) -- The Russian stock market will register a marginal increase on Monday because of rising oil prices and slightly growing U.S. S&P 500 futures, analysts said.

“I expect to see a neutral to positive start of the Russian trading session and I assume that the MICEX may in future reach a 1,400 level,” Promsvyazbank’s senior analyst Oleg Shagov said.

The S&P 500 futures grew marginally on Monday morning, Moscow time. Brent rose 0.28% to U.S. $109.99 per barrel as of 9.09 a.m., which, according to Shagov, will support the Russian market growth.

The fact that Russia-dedicated funds registered a $47 million net inflow in the week between May 8 and May 14 also mildly supports Russian bulls, Shagov said.

Asian gauges’ decrease will hinder any significant growth at the Russian market, Olma analyst Anton Startsev said.

Surgutneftegas’ preferred shares will still be in demand on Monday after the company announced 2.36 ruble dividends per preferred share on May 16, Startsev said.

Investors will pay attention to speeches of NATO Secretary General Anders Fogh Rasmussen, Managing Director of the International Monetary Fund Christine Lagarde, and Former U.S. Federal Reserve System Chairman Ben Bernanke on Monday, Shagov said.

Euro zone’s construction sector output figures release will also have some impact on the Russian market dynamics, he said.

End