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The Russian stock market is falling in anticipation of the news from the OPEC

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The Russian stock market is falling in anticipation of the news from the OPEC

The Russian stock market is falling in anticipation of the news from the OPEC
September 27
15:00 2016

On Tuesday the stock indexes of the Russian Federation have been slowly falling the third auction in a row, while market participants are waiting for the new data from the Algerian meeting of the OPEC countries as well as the response to oil price movements after the statements of the coming days.

By noon the MICEX index has fallen by 0.6 percent against the last session and reached 1,984 points. The RTS index has been corrected downwards by 0.8 percent, reaching 978 points.

Anton Anastasov, senior trader at KIT Finance Broker, said: “Since the middle of last week I have closed all ” long positions “in liquid shares and now there is no position, the situation is very unstable … I feel that the markets are ready for correction, but it seems wrong to make a bet on this before the OPEC meeting, which can result in a significant rearrangement of oil quotations. “

The major oil producers are gathering in Algeria now. They will participate in a three-day meeting, at which the parties may agree to reduce or freeze the oil production in order to support prices.

The range of quotes fluctuations of futures contracts for Brent crude oil has grown above 4 percent since the beginning of the week. By the midday, prices have fallen by 1.5 percent from the figure of the previous session end, which was about $ 46.6 per barrel.

Anastasov said: “Following the meeting, we will have to wait a day or two in order to look how the market has interpreted the statement and only then we’ll make a decision about the positions.”

Now the most liquid shares are falling down in price together with to the shares of some representatives of the metallurgy.  Today VTB Bank has reported about the growth of the net profit for the period from January to August 2016. Nevertheless, the securities of the bank have lost 1.2 percent together with the market.

Low liquid securities of NCSP have been growing by 4 percent for the second consecutive session on the background of the media data that Transneft asked the Russian government to approve the withdrawal from the capital of the NCSP Group. This information was received yesterday.

“If this is true, then it helps to explain the fact of high dividends (NCSP), and we can see additional dividends to the end of the year before the deal will be closed”, – said the experts at VTB Capital.

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