Russian stocks may open flat on oil price consolidation

MOSCOW, Apr 3 (PRIME) -- Russian stocks may open with marginal dynamics on Monday as the Brent oil price has consolidated at about U.S. $53 per barrel, while other stimuli are not quite strong, analysts said.

“The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today at the start of the day in our estimates,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent futures for June have consolidated above $53 per barrel, as investors are optimistic about a possibility to prolong an oil output reduction agreement of OPEC and non-OPEC producers.

U.S. stock market futures are little changed, Asian indices are mostly rising, while the European premarket signals mixed trends later in the day. Shagov said that these factors will make up for a neutral background for the Russian trading session start.

The MICEX may open at about 1,995–2,000 and if the external background improves, it will try to partially regain the losses of last week, Shagov said.

Publication of purchasing managers' indices (PMIs) will begin from Japan to the U.S. on the week starting from Monday. Otkritie Broker analyst Andrei Kochetkov said that Russian investors will possibly focus on the Chinese and euro zone figures.

The statistics to be released later on the week will influence the market moods and steps by global central banks, he said.

The start of a new quarter implies that the focus will gradually shift to corporate reports, Kochetkov said.

Sistema, Akron and Novorossiysk Commercial Sea Port (NCSP) are expected to publish their financial results on Monday, which will influence quotations of some of Russian securities, Shagov said.

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