Russian stock market correcting upward from drop at open owing to Sberbank dividend cutoff

MOSCOW. July 11 (Interfax) - The Russian stock market has begun correcting upward on Thursday amid improving sentiment on external equities markets, as well as on rising prices for oil and metals, with Sberbank securities recouping some losses from the dividend "gap" at the start of trading; and the Moscow Exchange index has rebounded to within 2960 points after dropping to within 2900 at the opening, the minimum since July 2023, with Mosenergo and Aeroflot leading the recovery, experts at the Interfax Center for Economic Analysis said.

The benchmark MOEX Russia stock index was down 0.55% at 2959.42 by 11:00 a.m. Moscow time; and the RTS index was down 0.55% at 1061.17. Prices for most blue chips on the Moscow Exchange have risen within 3.1%.

The Central Bank of Russia has reduced the official dollar exchange rate by 0.148 kopeck to 87.8551 rubles/$1 on July 11.

There have been declines among ruble-priced benchmark stocks on the Moscow Exchange for Sberbank prefs (-8.5%), Sberbank (-8.2%), Polymetal (-1.3%), Inter RAO (-1.1%), Severstal (-0.4%), Magnitogorsk Iron & Steel Works (MMK) (-0.4%), and UC Rusal (-0.3%).

There have been gains for Aeroflot (+3.1%), Gazprom Neft (+2.4%), Tatneft (+2.1%), Polyus (+2%), Moscow Exchange (+1.8%), Rosneft (+1.5%), Lukoil (+1.3%), Surgutneftegas prefs (+1.3%), Surgutneftegas (+1.2%), Gazprom (+1.1%), Norilsk Nickel (+1%), RusHydro (+0.8%), Sistema (+0.7%), Magnit (+0.7%), NLMK (+0.6%), Novatek (+0.6%), Ozon receipts (+0.6%), TCS Holding (+0.5%), and Alrosa (+0.4%).

Trading volume on the Moscow Exchange by 11:00 a.m. Moscow time totaled 44.37 billion rubles, of which 19.1 billion rubles were in Sberbank ordinary shares, 2.08 billion rubles were in Lukoil shares, and 1.9 billion rubles were in Sberbank shares.