Russian stocks may grow on oil price rise, hopes for higher divs

MOSCOW, Mar 23 (PRIME) -- Russian stocks may increase at the opening on Thursday supported by oil price growth on the back of expectations of prolongation of an oil production cut agreement, as well as by hopes for higher dividends, analysts said.

“We expect the Russian stock market to open at around 2,060–2,065 points at the MICEX index today, assuming that amid favorable foreign background this stock indicator will be able to continue growth on the back of investors’ hopes for companies’ higher dividend payments,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 2,061.53.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive today, the analyst said.

Brent oil futures are growing amid expectations that non-OPEC states will prolong the existing agreement aimed at balancing the oil market, he said.

Finam analyst Bogdan Zvarich also said that Brent oil price growth to U.S. $51 per barrel will support Russian stocks.

The leading U.S. stock index futures are increasing, and main Asian stock indicators are mostly demonstrating positive dynamics.

Investors will follow publication of financial results by hydropower giant RusHydro and the Federal Grid Company of Unified Energy Systems (FGC UES), as well as dividend recommendations of coal producer Raspadskaya and Bank Saint Petersburg.

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