Russian stocks seen flat on metal antitrust case, OPEC+ ruling

MOSCOW, Apr 28 (PRIME) -- The Russian stock market will likely see muted dynamics on Wednesday at the start of the session as the oil prices grew on a decision by the OPEC plus to keep the current deal while the antitrust launched a case against metals producers, analysts said.

"If the Federal Antimonopoly Service proves collusion or price manipulation on the domestic market, and there are no doubts it will, the companies will have to pay turnover fines," said Alor Broker senior analyst Alexei Antonov referring to three leading metals producers -- MMK, Novolipetsk Steel (NLMK) and Severstal.

"The investor mood has obviously deteriorated in general. Bad thoughts creep in: who will be next?"  

The oil prices started to increase on Tuesday after OPEC plus kept the deal, Antonov said. He added that this means the absence of disputes in the cartel or fears before the third wave of the pandemic. Oil tried to consolidate above U.S. $66 per barrel in the morning on Wednesday.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that the market will see restrained dynamics of 0.1–0.3% at the opening of the session. The levels of 3,580 and 3,550 will be support and 3,620–3,640 resistance.

According to Antonov, Sberbank will doubtlessly not appear on a new antirust list and will likely grow soon.

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