There were quite a few ‘heavyweights’ among the biggest losers on the stock market
MOSCOW, May 3. /TASS/. Russia’s stock market closed mixed on Friday as the MOEX Index slipped by 0.03% to 3,441.77 points, while the dollar-denominated RTS Index added 0.57% to 1,184.68 points.
The yuan exchange rate slipped by 0.007% to 12.69 rubles, the dollar fell by 0.45% to 91.6 rubles, while the euro edged up by 0.07% to 98.76 rubles.
There were quite a few ‘heavyweights’ among the biggest losers on the stock market. In particular, Gazprom financial results for 2023 turned out notably worse than investors expected. “The company’s net loss amounted to 629 bln rubles ($6.8 bln), while revenue fell by almost 30%. This logically dragged stock prices of the gas giant down by almost 2% even before the afternoon (154 rubles). And, of course, there are now even more questions to the dividend payout decision, which the market will learn at the end of the month,” BCS Investment World’s Alexander Shepelev said.
During the first half of the day among losers were shares of Sber (-0.9%), Lukoil (-0.92%) and Surgutneftegas (-0.47%), which has been in the red for the second consecutive day. In this case even the technical bounce up of Novatek and Rosneft shares did not influence the general trend, the expert added.
The conflict of interest spurred by dividend stories and persisting high interest rates remains the main internal market struggle. “It is obvious that for additional inflow of cash into risk assets more vivid signals for withdrawal from conservative instruments are required. Whereas considering persisting inflation and the regulator’s rhetoric this is not seen yet. However, the number of closures of dividend registers and investors’ attention focus on them may well overwhelm this factor,” Shepelev said.
“May can well become a month, following which we will be able to see the Russian market above the current figures. Stories about traders selling out everything in May and going on summer vacation correlate to reality less and less each year,” BCS World of Investment noted.
The company expects the MOEX Index at 3,420-3,450 points on May 6, while the dollar exchange rate – at 91.5-92.3 rubles.
Freedom Finance Global projects the MOEX Index at 3,400-3,500 points, the dollar to ruble pair is expected at 90.5-93 rubles, the euro to ruble pair – at 97.5-100 rubles, while the yuan-ruble pair – at 12.5-13 rubles.
Source: Tass
