Russian stocks to open flat ahead of ECB, US Fed meetings

MOSCOW, Mar 10 (PRIME) -- The Russian stock market will demonstrate weak dynamics on Thursday at opening because investors will be wary ahead of statements from a meeting of the European Central Bank (ECB) and of the U.S. Federal Reserve System, analysts said.

“The influence of the key external factors which significantly affect the behavior of the Russian financial market is close to neutral today at the beginning of the day,” Oleg Shagov, head of investment company Solid’s research department, said.

Monetary policy decisions, which can be announced by the ECB, will be the main Russian market growth driver later on Thursday, Shagov said.

The ruble price of the Brent oil is at a comfortable level both for the state budget and companies, which is a neutral factor for the market, Ilya Frolov, a senior analyst at Promsvyazbank, said.

The MICEX will trade in a range between 1,855 and 1,914, Shagov said.

An upsurge of interest towards shares of air carrier Aeroflot is expected as businessman Arkady Rotenberg said he would like to buy 50% in the company if it is privatized, Aton said in a report.

E.On Russia’s shares will underperform on the news that a Berezovskaya GRES plant unit repair completion has been delayed, Aton said. Mosenergo will rise on a strong financial report for 2015, it said.

Publication of a financial report of Polyus Gold and Enel Russia under International Financial Reporting Standards (IFRS), and of operating results of Magnit, along with the meetings of boards of directors of Novatek and Federal Grid Company of Unified Energy Systems (FGC UES) will be in the focus of investors’ attention Thursday.

End