Russian stocks likely to consolidate ahead of OPEC+ meeting

MOSCOW, Nov 24 (PRIME) -- The Russian stock market may edge up at opening and consolidate during the day on Friday in thin trade ahead of a meeting of OPEC and non-OPEC states next week, which may make clear the future of an OPEC+ oil production cut agreement, analysts said.

“We expect the Russian stock market to open (slightly higher) at around 2,150 of the MICEX index and believe the benchmark is likely to fluctuate at the current levels during the day due to… thin trading,” Oleg Shagov, head of investment company Solid’s research department, said.

He also said that the global environment looks neutral with oil prices stable ahead of a meeting of an OPEC+ production cut agreement members slated for November 30.

He said that retailers may be among the top performers due to the Black Friday event.

Olma senior analyst Anton Startsev said that technical analysis points to the possibility of consolidation of the RTS index near a 1,160 mark.

The key U.S. indices futures look flat and Asian bourses demonstrate mixed dynamics. The European market is likely to open slightly higher.

Car leasing company Europlan is to publish IFRS results for January–September and this may also influence the Russian market.

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