Russian stocks to sink at opening on falling oil prices

MOSCOW, Feb 24 (PRIME) -- The Russian stock market will open lower on Wednesday because Brent has restarted its decline, analysts said.

“The influence of the key factors which significantly affect the Russian financial market behavior is moderately negative today at the start of the day,” Oleg Shagov, head of investment company Solid research department, said.

Brent fell to U.S. $33 per barrel on Saudi Arabia’s statement that the country is not ready to reduce oil output. The futures for U.S. indices and Asian stocks are decreasing, all these factors will create a downbeat mood in Russia at the trading session start, Shagov said.

Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said that he MICEX will open 0.7% lower. Anton Startsev, senior analyst at investment company Olma, said that the RTS will restart erasing earlier gains.

Russian traders will be tracking the U.S. oil reserves figures publication, Startsev said.

Roman Tkachuk, senior analyst of Okey Broker, said that ALROSA has become one of investors’ favorites after a statement by Deputy Prime Minister Yury Trutnev that the company will double the dividends.

Investment company Aton said that an interview of Lenta’s CEO Jan Dunning published in business daily Vedomosti, can spur investor interest to the company. Also, Lenta has demonstrated the highest growth rates in the sector in 2015.

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