Analysts think bullish sentiment will be predominant on stock market in summer

Analysts forecast that the bullish sentiment of participants of the Russian stock market will last until July or even until August. According to the experts, funds that were not invested on the stock market before the long holiday have "poured" on the market today. As a result, the RTS index rose by 3.8 percent to the level of 482.5 points as of 2:50 p.m. There is no important negative domestic news now, and therefore, any deep correction is unlikely, the experts reckon.

Today's growth was led by shares in Norilsk Nickel (+3.33 percent), RAO UES of Russia, and Sberbank (+1.58 percent), as well as shares in the oil companies LUKoil (+0.88 percent) and Tatneft (+0.92 percent for common shares).

Prices of almost all liquid shares have grown substantially today. At the same time analysts are concerned that the growth in share prices took place amid rather low activity of traders. The distance left to the target level of the RTC index of 500 points is quite short. This level may be achieved due to a fast growth in prices of shares in Surgutneftegas, LUKoil and Sberbank. After this target level is surpassed, the market is likely to enter a long consolidation period, during which funds will be redistributed between different liquid shares, analysts believe.

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Author`s name Editorial Team