MOSCOW, January 29. The stock indices of the Russian Federation ended the trading session higher. So, the MICEX index (MICEX) on the results of today’s trading on the Moscow stock exchange rose 0.73% to 1784,92 points, and the RTS jumped by 2.5% to 745,3 item.
One of the growth factors of the Russian stock market on Friday was the news from the Bank of Japan. “The tendency of global investors to take on risk have received support from the Bank of Japan unexpectedly setting a negative interest rate (-0.1 per cent) on deposits of commercial banks to encourage lending to the real sector of economy”, – says senior analyst of investment group “OLMA” Anton Startsev.
In addition, rising in price oil has supported the growth of indexes of MICEX and RTS. The cost of futures for oil of mark Brent with delivery in April 2016 on the ICE stock exchange in London rose by 3.7% to us $36,1 per barrel, trading above $36/bbl.
The Russian market in rubles is in bullish phase, and the growth or decline of oil is equally good for its capitalization, says expert “BCS Express” Konstantin Karpov. “However, from a technical point of view, the Russian market has a correction. Closest price levels that will support the quotations are 1730 and 1700 points,” he said.
According to the expert, the main driver of growth of oil this week were the rumors of a possible cooperation with other OPEC exporters to stabilise prices of raw materials. “Towards the end of the week these rumors materialized in the statement of the Minister of energy of Russia Alexander Novak about the readiness to hold a meeting with the cartel in February. From a technical perspective crude oil prices have reached the first important resistance at $36-$37 per barrel. Another important level is higher in the area of $42 per barrel. If there are no serious progress in the direction of reduction of production, further price growth to be expected”, – the expert added.
Before the price of oil accelerated after the energy Ministry of Russia Alexander Novak about the readiness to personally take part in the upcoming February meeting of OPEC and other oil producers. The subject of the upcoming February consultations of the representatives of OPEC and outside it is the Union of producers of oil would be to reduce production to 5% of each of the countries, said the Minister.