Russian Stocks Advance as Gazprom Gains Before Payout; TMK Falls - Bloomberg

Russian Stocks Advance as Gazprom Gains Before Payout; TMK Falls - Bloomberg:



"The Micex Index (INDEXCF) rose for the first time in three days as investors bought energy company stocks OAO Gazprom and OAO Surgutneftegas to qualify for dividends.



The equity gauge gained 0.3 percent to 1,477.32 by the close in Moscow, giving a 0.6 percent drop in the week. Gazprom added 1.3 percent, while Surgutneftegas increased 0.4 percent. OAO TMK slumped 4.8 percent, the biggest loss since March 13, on concern approval by the Russian pipemaker’s board to sell new stock may dilute the stakes of existing shareholders.



The dividend cutoff dates for Gazprom and Surgutneftegas, which have a combined 19 percent weighting in the index, come on July 16 and July 15, respectively. The Micex slid 3 percent in the two previous days as the U.S. and European Union raised pressure on Russia to help end violence in eastern Ukraine."



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