Stocks can grow on oil price rise, robust corporate reports

MOSCOW, Aug 30 (PRIME) -- The Russian stock market will likely increase on Friday morning on the back of growth of oil prices and a slew of good corporate financial reports, analysts said.

“A moderately positive external background is formed today before opening of the Russian market. Growth of global markets, including energy, and a series of positive quarterly reports of Russian companies published over the last few days give us a hope for continuation of yesterday’s growth of Russian indices during this session,” analysts of Solid said.

Oil prices tested the level of U.S. $61 per barrel of Brent due to reduction of reserves, a positive OPEC report and a hurricane approaching Florida, investment company Solid said.

Foreign markets were in the green zone after China’s minister of commerce said preventing escalation of the trade conflict is priority for the country, Solid said.

Alexander Osin, head of investment company Freedom Finance’s department for operations on the Russian stock market, said that statements from a G7 meeting reduced the global risk estimates.

According to Osin, the MOEX Russia Index guidance stands at 2,700–2,760.

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