The price of oil pulls the Russian stock market up
Most major world stock indexes on Wednesday rose. This favorable external background of positive dynamics shown by the Russian market. At the end of the day the ruble Mosberg index was up 0.10%, the dollar-denominated RTS index on the background of strengthening of the ruble against the dollar has grown stronger by 0.49%. Among leaders of growth: “pole” (+2,24%) and NLMK (+2,19%). The Dow 30 increased by 0.58 percent. Thursday morning the majority of indexes of Asia-Pacific countries increased by 0.1-0.4%.
The exception was the Shanghai Composite, which declined 0.9%. Futures on the S&P 500 index was trading in the morning about 2816 p., 0.1% below the closing levels of the previous trading day. The growth of most Asian pads and oil prices set moderately favorable external background before opening the Russian stock market. Likely day the corridor index Mosberg is in the range of values 2445-2495 points, RTS index — 1175-1200 points. Today, the financial statements for the previous year will publish “RusHydro”.
On the background of yesterday’s growth of the currency pair EURUSD c 1,1290 to the 1.1330 area, a foreign currency against the ruble has changed in different directions. At the end of the day on Masuria, the dollar calculations “tomorrow” fell to 65,4000 RUB (-23,5 COP.), and the European currency has grown to RUB 74,1000 (+4,5 COP.). Morning growth of oil prices slowed down at the important resistance level of $67.8 per barrel for Brent. In this situation, we expect a neutral start of trading the ruble, near yesterday’s closing levels. The expected daily range for the dollar — 64,7-66,1 RUB, for the European currency at 73.4-74.8 per RUB.
On the morning of Thursday, oil prices increased and were about $67,7 approaching major resistance at $67,8. A break of this level will mean the upgrade price highs since mid-November last year. Likely daily range for today’s trading, Brent crude is $67,0 was 67.8 per barrel. The medium range which is defined by the closest significant levels of support and resistance is located between $64,0-$67,8. A possible break of resistance at $67,8 will pave the way for growth to $68,5 per barrel.
______________ Vadim Iosub,
senior analyst at information-analytical center,