Page 105 - RusRPTNov23

8.3 Stock market
8.3.1 Equity market dynamics
In September 2023, the volume of Russian shares sold by non-residents from “friendly” countries (i.e. non-sanctioning countries still having access to the Russian equity market) was the largest since February 2022 and reached RUB32bn ($0.32bn), Kommersant daily reported citing the data by the Central Bank of Russia (CBR).
The volume of equity sell-off by non-residents in September was more than the total volume of shares sold by them in the whole of 8M23 (RUB22.8bn).
The CBR notes that domestic retail investors remained the main support for the equity market in September 2023, being the main participants of the equity market of Russian companies. Despite the volume of securities bought by retail investors in September falling by 25% to RUB29.4bn, they still rank as the largest net buyers on the equity market.
As followed by bne IntelliNews, even prior to the full-scale military invasion of Ukraine, the Russian equity market saw a massive inflow of local investors, but also the gamification of retail trading with makeshift strategies, co-ordination and unverified “inside” information ripe on Telegram channels and other social media.
The trend could have become stronger due to lower liquidity after the pullout of foreign investors.
8.3.2 Dividends dynamics
● Retail
Russian retailer of electronics and household appliances M.Video does not plan to pay any dividends for 2023 to focus on business development, CFO Anna Garmanova said in a conference call on October 24. “No, we plan no dividend payments for 2023,” she said. It is better for the company to focus on business development right now given its debt burden, she pointed out.
● TMT
Rostelecom's board of directors recommended on October 17 that shareholders approve the payment of dividends for 2022 in the amount of 5.4465 rubles for each ordinary and preferred share - 19.4% more than a year earlier (4.56 rubles). A total of 19 billion rubles may be allocated to pay dividends. The Board of Directors has determined December 1, 2023 as the date on which persons entitled to receive dividends are determined. The annual meeting of shareholders is scheduled for November 20, it will be held in absentia.
105 RUSSIA Country Report November 2023 www.intellinews.com