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USD25/0531.6247+0.2444
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RTS24/051281.46-0.46%
MICEX13/091501.99+0.59%
RIA Novosti

Business

Russian stock market set to keep growing - analysts

20:04 07/04/2006
MOSCOW, April 7 (RIA Novosti) - The Russian stock market continued growing Friday with the RTS index closing 1.96% up on 1523.15.

The classic RTS market's turnover stood at more than $140 million, $43 million more than Thursday. The MICEX index also increased by 2.18% to reach 1374.14.

Analysts said Friday's positive dynamics had allowed the RTS to approach its historical high, which will keep the market growing.

"According to our forecasts, it [RTS index] may reach 1550-1570 next week," Maxwell Capital representative Sergei Usichenko said.

Sergei Dorogavtsev, a department head with the Finnam investment company, said, "If the RTS hits its all of time high of 1531/27 next week, a new growth wave awaits the market. However, if this attempt is a failure the situation may grow worse."

Vadim Zuyev, an analyst with Russian Financial Traditions, said American indexes had supported the market Friday, while oil was a restraining factor.

"However, according to our calculations, the trend will keep growing in the short term," he said, praising the activity of market players.

Energy giant Gazprom's shares rose by 2.83%, Siberian-based oil company Surgutneftegaz's by 4.7% and metals giant Norilsk Nickel's by 3.81%, which drove the overall increase on the RTS.

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