Russian stocks to fall slightly as oil prices consolidate

MOSCOW, Oct 10 (PRIME) -- The Russian stock market is expected to decrease slightly at the opening of the Monday’s trading session on the back of an oil price consolidation and ex-dividend gaps of Novatek and Magnit, analysts said.

“The opening of the Russian stock market is expected in a zone close to the previous closing of the MICEX index, or 1,980, and I assume that an expected ex-dividend gap of Novatek and Magnit shares will affect this stock market indicator slightly negatively,” Oleg Shagov, head of investment company Solid’s research department, said.

Brent futures remain at the U.S. $51 per barrel level but are under pressure of the U.S. statistics signaling a drilling rig number increase, Shagov said.

A statement by Russian Energy Minister Alexander Novak that no concrete oil production cut steps are expected to be announced after meetings between OPEC and non-OPEC officials on the sidelines of the World Energy Congress in Istanbul on Monday–Wednesday, has triggered a small downward correction on the oil market, IFC Financial Center Vice President Stanislav Verner said.

Possible oil futures decrease will remain the key risk factor for the Russian stock market on Monday during the day, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

U.S. stocks futures, Asian markets and the European premarket are slightly growing and all these factors will make the background at the opening of the Russian trading session mostly neutral, Shagov said.   

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