Russian stocks hit over 3-month high, rouble firms past 60 vs euro

MOSCOW, SANA – Russia’s benchmark MOEX stock index surged to its highest in more than three months, led by a sharp rise in oil major Lukoil (LKOH.MM), while the rouble strengthened past 60 against the euro and edged higher versus the dollar.

Reuters said that the rouble-based MOEX Russian index (.IMOEX) was 1.8% higher at 2.440.6 points by 1521 GMT, reaching its strongest mark since May 20, with Lukoil shares leading the way, up 9.9%.

The stock market got a boost this week from gas giant Gazprom’s (GAZP.MM) board recommending paying 51.03 roubles ($0.8484) per ordinary share in dividends on the first half of 2022. Its shares, which leapt around 25% on Wednesday, were down 2.4%. read more

“Gazprom’s dividend payout could become a trigger for growth of the Russian stock market,” said Dmitry Skryabin, a portfolio manager at Alfa Capital.

“The example of Gazprom may encourage dividend payments by other companies that have not paid out, but have the financial capacity to do so.” He added.

Fedaa al-Rhayiah/ Mazen Eyon

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