Russian stocks grow on dividend expectations, rising ruble

MOSCOW, Jul 25 (PRIME) -- The Russian stock market increased on Tuesday thanks to market expectations of dividend payments from gold producer Seligdar, Bank Saint Petersburg and pulp and paper maker Segezha as well as a strengthening ruble, analysts said.

The MOEX Russia Index grew 1.29% to 2,975.36, and the RTS index increased 1.49% to 1,038.57.

"The Russian stock market was in the green zone in the middle of the session continuing to get support from corporate stories and a stronger ruble," Veles Capital’s analyst Yelena Kozhukhova said.

Director of the stock market department at managing company Pervaya Anton Kravchenko said that the RTS added more than the MOEX Russia Index thanks to a stronger ruble.

Seligdar continued to rally ahead of Wednesday’s meeting of the board of directors which will decide on dividend payment, Kozhukhova said.

Bank Saint Petersburg reset historical maximums rising 7.5% on the common and 16.42% on the preferred shares on investors' hopes to get semiannual dividends, the analyst said. Segezha grew 3.09% as its representatives hinted at possible dividends for July–September.

Ozon's shares hit their highest since January 2022 growing 4.72% on expectations of business development of the company. According to Kozhukhova, the shares might become overbought soon.

Kravchenko characterized the external background as positive in general with a slight oil price decline after Monday's rise and predominantly positive dynamics on the global markets.

The market shrugged off last week’s increase of the key rate by the Russian central bank, he said.

Below are the MOEX Russia Index’ five most active stocks on Tuesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.77	246.75	8.549
Lukoil	+1.79	5645	6.068
Seligdar	+15	77.05	5.683
Yandex	+0.76	2650	3.145
Magnit	+2.17	5943	2.499

(90.4890 rubles – U.S. $1)

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