Page 75 - RusRPTSept19

8.3 Stock market
8.3.1 Equity market dynamics
After a stellar first half of the year the Russian stock market cooled somewhat in the summer months but was still returning just under 30% on the year making it one of the best performing markets in the world.
All the sectors have been lifted but financials and utilities have been the outperformers with metals and mining the laggard.
The stocks have mainly been driven by the high dividends Russian companies pay – currently twice as much as the benchmark MSCI EM average. However, more recently sentiment on Russia has started to improve as fears of sanctions recede.
Having been range bound for most of the last four years the leading RTS index broke above the 1,400 market for the first time in years in August. The rally has been welcomed, but Russian stocks remain amongst the cheapest of any of the major emerging markets.
75 RUSSIA Country Report September 2019 www.intellinews.com