Index of Moscow Exchange, shares of oil and gas companies and PIK delisting: digest
On Friday, the Russian stock market closed up by 1.65%. Over the weekend, the papers of several oil and gas companies reached the bar amid reports of the US idea for Russian gas.
Mobiri Index
The Russian stock market ended last week in a positive. The index of the Moscow Exchange (IMOEX) following the results of the main trading session on Friday, October 16, increased by 1.64%, to 2426.09 points. The IMOEX2 index, which shows the dynamics of the market including in the evening and morning sessions, ended the day in a plus of 1.64%, to 2431.07 points.
The market is supported by expectations of a possible softening of sanctions rhetoric from the United States, potential relaxation in terms of restrictions on Russian exports, as well as signs of a change in Washington’s approach to the Ukrainian settlement, explained the analyst of “Finam” Christina Gudym.
Purchases increased in a wide range of shares, noted analyst of Veles Capital Elena Kozhukhova. The expert suggested that further improvement in the geopolitical background this week could allow the index to test 2,500 points even if the key rate of the Central Bank of the Russian Federation is unchanged at the Friday meeting.
On the morning of Monday, October 19, IMOEX2, according to 8:09 MSK, grows by 0.64% to the close of evening trading on October 16, to 2446.72 points.
Shares of oil and gas companies
On Sunday, October 18, Gazprom’s securities at the peak reached 111.2 (+ 1.8% of the closing of trading on Saturday), after which they hit the bar. Papers of Novatek and Surgutneftegaz were also traded at the upper price bar.
On Saturday evening, October 17, The New York Times (NYT), citing sources, reported that the new peace proposal of the US administration to resolve the conflict in Ukraine involves the resumption of European purchases of Russian gas in large volumes. According to the interlocutors of the publication, Whitkoff and Kushner in negotiations with Europe and Kiev proposed the resumption of pipelines in Ukraine, which supplied gas to Europe.
PIC delisting
From October 20, the Moscow Exchange will stop trading in shares of the developer PIK (PIKK).
The reason for the suspension of trading is the upcoming purchase of PIK securities. On October 14, it became known that shareholders of the construction company PIK (PIKK) approved the delisting of shares and the termination of the public status of the company.
The company announced plans to delist PIK on September 4. On the same day, it became known that JSC Real Estate Assets, the majority shareholder of the company, which owns 98.0071% of ordinary shares of PJSC PIK-specialized developer, sent the issuer a demand for the redemption of all other shares at a price of ,551.4 per share.
Other important developments
Russian Foreign Minister Sergey Lavrov will visit Iran, where negotiations with the Iranian Foreign Minister are planned. Trading in Hong Kong is not held in connection with the Double Nine Festival on October 19-21, a meeting of finance ministers of the Asia-Pacific Economic Cooperation countries will be held in Hong Kong.
