MOSCOW – Shares in Russian power giants Rosneft and Gazprom adopted divergent programs on Friday as traders responded to the 2 firms’ opposing dividend selections, whereas the rouble fell sharply from seven-year highs hit this week.
At 0716 GMT, fuel large Gazprom’s shares had been down 6.9%, extending heavy losses from the earlier session after it determined to not pay dividends on final 12 months’s outcomes for the primary time in additional than twenty years.
In the meantime, shares in oil main Rosneft, which accredited 2021 dividend funds after Thursday’s closing bell, had been gaining floor, up 4.6%.
“There are few causes for optimism within the Russian market,” mentioned Otkritie Analysis in a word.
The commodity sectors of the market can be beneath stress and the rouble could shed some floor earlier than the weekend, Otkritie mentioned.
The rouble was 2.7% weaker in opposition to the greenback at 52.84 and had misplaced 2.2% to commerce at 54.85 versus the euro.
The rouble has turn out to be the world’s best-performing forex this 12 months, boosted by measures taken to defend Russia’s monetary system from Western sanctions imposed after Moscow despatched troops into Ukraine on Feb. 24.
The measures have included restrictions on Russian households withdrawing overseas forex financial savings.
The sturdy rouble has raised issues amongst officers and export-focused firms as a result of it dents Russia’s earnings from promoting commodities and different items overseas for dollars and euros.
Russian inventory indexes had been falling, extending Thursday’s losses.
The dollar-denominated RTS index was down 2.7% to 1,309.4 factors. The rouble-based MOEX Russian index was 0.3% decrease at 2,198.3 factors.
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