Russian stocks to rise on expectations of dividends

MOSCOW, Mar 30 (PRIME) -- The Russian stock market is likely to grow at the start of the trading session on Thursday as dividend stories support the market, analysts said.

Veles Capital’s Yelena Kozhukhova said that the Russian market tried to climb higher in the middle of the week, with the MOEX Russia Index rising faster, while the RTS Index grew slower because of the ruble weakening.

“(The MOEX Russia Index) maintains the course to 2,492, the highest since September 2022, thanks in part to the dividend stories,” Kozhukhova said.

Alexei Golovinov, head of the research and expertise center of Promsvyazbank’s economic and sectorial analysis department, said that the growth of MOEX Russia Index on Wednesday was mainly driven by Sberbank and steelmakers.

“We expect the MOEX Russia Index to trade on Thursday in the range of 2,450–2,488. Much will depend on Sberbank’s shares, and the index may roll back if the shares fall in correction,” Golovinov said.

“In spite of that, we expect demand for the shares of MMK, Severstal, and NLMK to remain, while the shares of oil and gas companies may underperform.”

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