Russian stocks may decrease on oil futures slide to $46/barrel
MOSCOW, Jul 8 (PRIME) -- The Russian stock market may open with a downward gap on Friday because of a steep decline of oil prices to about U.S. $46 per barrel, analysts said.
“The influence of the key factors that have a significant impact on the behavior of the Russian stock market has been moderately negative today in the start of the day. The volatility of the oil market does not let investors calm down,” Oleg Shagov, head of investment company Solid’s research department, said.
Brent futures slid by almost 5% on Thursday evening to the level of below $47 per barrel on the back of the U.S. reserves data publication, Shagov said.
The MICEX may open at about 1,880 and will remain under the sales pressure throughout the day, Shagov said. The RTS will likely be consolidating in the morning because the external background does not give reasons for strong dynamics, Olma senior analyst Anton Startsev said.
The market volatility is not ruled out to increase later in the day after a release of the U.S. non-farm payrolls, scheduled for 3:30 p.m. Moscow time, Startsev said.
The closing of the ALROSA bid book for a secondary public offering (SPO) expected later in the day, operating reports of Novatek and Uralkali, and ex-dividend dates of MegaFon and Federal Grid Company of Unified Energy Systems (FGC UES) will exert some influence on respective shares, and can alter the MICEX’s dynamics by about 0.1%, Shagov said.
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