01.12.2017 21:43

Moscow Exchange announces results of index review

Moscow Exchange announces the updated list of index components and free float ratios effective from 22 December 2017. The indices were reviewed according to the new calculation methodology that came into force on 27 November 2017. 

Key changes under the new methodology to the MOEX Russia Index (formerly known as the MICEX Index) and the RTS Index are a move to a floating number of component stocks as well as increased liquidity requirements for stocks. Acron (ords), DIXY Group (ords), LSR Group (ords) and Mosenergo (ords) as well as depositary receipts of Lenta Ltd. will be deleted from the MOEX Russia Index and the RTS Index. From 22 December the indices will comprise 45 (versus the current 50) component stocks.

The MOEX Russia Index and the RTS Index have identical component stocks and weightings; the MOEX Russia Index is denominated in RUB, while the RTS Index in USD.

Under the new methodology, the Blue Chip Index may now include only one security type of an issuer, i.e. either its ordinary or preferred shares, subject to their liquidity and free float market capitalisation. Thus, Surgutneftegas (prefs) will be deleted from the index.

Novorossiysk Grain Plant (ords) and depositary receipts on shares of En+ Group plc will be added to the Broad Market Index, while Cherkizovo Group (ords) will be deleted as its free float sank below 5 per cent, and Kazanorgsintez (ords) will be deleted as its liquidity ratio declined below the minimum threshold.

IDGC of Centre (ords), IDGC of Volga (ords), MOESK (ords) and RussNeft (ords) will be added to the SMID Index that replaces the Second Tier Index. Under the new methodology, financial institutions will be removed from the index; thus ordinary shares of Moscow Exchange and Bank St. Petersburg as well as DRs on shares of QIWI PLC will be deleted. Shares of Cherkizovo Group and LSR Group will be deleted due to their free float and liquidity ratios declining below the permissible level.    

Sectoral indices will be also modified under the newly established methodology. Industry classification has been brought more in line with international standards employed by the leading index providers. 

TMK (ords), a producer of steel pipes for the oil and gas industry, will be added to the Oil & Gas Index, while Saratov Refinery (prefs) and Slavneft-Megionneftegas (prefs) will be deleted as their weights are now below the minimum threshold of 0.5 per cent. Automobile and media companies such as SOLLERS (ords), Yandex N.V. (ords) and AVTOVAZ (ords and prefs) will be added to the Consumer & Retail Index. Cherkizovo Group (ords) will be deleted from the index. Kazanorgsintez (ords) will be deleted from, while Novorossiysk Grain Plant (ords) will be added, to the Chemicals Index.

The number of companies with low weightings will be deleted from the Metals & Mining Index. Specifically, Ashinskiy metzavod (ords), Mechel (ords), Lenzoloto (ords), Seligdar (ords), Southern Urals Nickel Plant (ords), Lenzoloto (prefs) and Seligdar (prefs) will be deleted from the index. KTC (ords), a coal mining and energy company, and TMK (ords), a producer of steel pipes for the oil and gas industry, will be deleted from the Metals & Mining Index due to updates in the industry classifications. These companies will be categorized as belonging to the energy sector under the new methodology. 

IDGC of South (ords), TGC-2 (ords) and TGC-14 (ords) will be deleted from the Electric Utilities Index as their weightings in the index are below the minimum threshold. DRs on shares of QIWI PLC will be added to the Financials Index. They will replace Sistema (ords) that are not now eligible for the sectoral index due to its multi-sector profile.

En+ Group plc is also considered a holding company, and thus its depositary receipts do not qualify for the sectoral indices.  

The Exchange has discontinued the Industrials Index as a sufficient number of liquid stocks is not available to calculate the index. The Siberia Index will also be discontinued. 

Nauka-Telecom (ords) will be added to the MICEX Innovation Index. It will replace Multisistema (ords) and Chelyabinski zavod PROFNASTIL (ords). 

Summary table of changes in the Moscow Exchange Indices' Constituents Lists

Index Included Excluded
MOEX Russia (MICEX) Index, RTS Index   PJSC Acron, Ordinary shares
  PJSC  DIXY GROUP, Ordinary shares
  Lenta Ltd., DR (Issuer Deutsche Bank Luxembourg S.A)
  PJSC LSR Group, Ordinary shares
  MOSENERGO, Ordinary shares
Blue Chip Index    Surgutneftegas  OJSC, Preferred shares
Broad Market Index En+ Group plc, DR (Issuer Citibank, N.A.) PJSC  Cherkizovo Group, Ordinary shares
PJSC NGP, Ordinary shares PJSC Kazanorgsintez, Ordinary shares
SMID Index  IDGC of  Centre, PJSC, Ordinary shares Bank  Saint-Petersburg  PJSC, Ordinary shares
IDGC of Volga, PJSC, Ordinary shares PJSC  Cherkizovo Group, Ordinary shares
PJSC MOESK, Ordinary shares PJSC LSR Group, Ordinary shares
PJSC RussNeft, Ordinary shares Moscow Exchange, Ordinary shares
  QIWI PLC, DR (Issuer The Bank of New York Mellon Corporation)
Oil & Gas index TMK, Ordinary shares PJSC Saratov Oil Refinery, Preferred shares
  JSC  Slavneft-Megionneftegas, Preferred shares
Consumer goods and retail index PJSC AVTOVAZ, Ordinary shares ПАО  Группа Черкизово, ао
PJSC AVTOVAZ, Preferred shares  
SOLLERS PJSC, Ordinary shares  
Yandex N.V., Shares of a foreign issuer  
Chemicals index   PJSC  Ashinskiy metzavod, Ordinary shares
Metals & Mining Index   PAO CMP, Ordinary shares
  PJSC KTC, Ordinary shares
  PJSC Lenzoloto, Ordinary shares
  PJSC Lenzoloto, Preferred shares
  PJSC Seligdar, Ordinary shares
  PJSC Seligdar, Preferred shares
  TMK, Ordinary shares
  Southern Urals Nickel Plant PJSC, Ordinary shares
  PJSC  Ashinskiy metzavod, Ordinary shares
Electric Utilities Index   IDGC of South, PJSC, Ordinary shares
  PJSC TGC-2, Ordinary shares
  PJSC TGC-14, Ordinary shares
Finances Index QIWI PLC, DR (Issuer The Bank of New York Mellon Corporation) Sistema PJSFC, Ordinary shares
Transport Index PJSC  NGP, Ordinary shares  
MICEX Innovation Index PJSC  Nauka-Telecom, Ordinary shares PJSC  Multisistema, Ordinary shares
  PAO Chelyabinski zavod PROFNASTIL, Ordinary shares
 

Summary table of changes in number of shares employed in the calculation of the Moscow Exchange Indices and included in the waiting lists, as well as free-float coefficients

Ticker Issuer

Current number
of shares

New number
of shares

Current
free-float

New
free-float

AFLT PJSC Aeroflot, Ordinary shares 1,110,616,299   41% 45%
BSPB Bank  Saint-Petersburg  PJSC, Ordinary shares 499,554,000   37% 36%
CBOM CREDIT BANK OF MOSCOW, Ordinary shares 23,879,709,866 27,079,709,866 23%  
DIXY PJSC  DIXY GROUP, Ordinary shares 124,750,000   46% 31%
EELT European Eltech Public Joint Stock Company, Ordinary shares   610,000,000   5%
ENPL En+ Group plc, DR (Issuer Citibank, N.A.)   571,428,572   11%
EPLN PJSC SFI, Ordinary shares 111,637,791   35% 29%
FEES FGC UES, PJSC, Ordinary shares 1,274,665,323,063   21% 18%
GCHE PJSC  Cherkizovo Group, Ordinary shares 43,963,773   11% 3%
GMKN PJSC  MMC  NORILSK NICKEL, Ordinary shares 158,245,476   33% 38%
HYDR PJSC RusHydro, Ordinary shares 386,255,464,890 426,288,813,551 23% 25%
IRGZ JSC Irkutskenergo, Ordinary shares 4,766,807,700   10% 8%
MAGN PJSC MMK, Ordinary shares 11,174,330,000   13% 16%
MFON PJSC  MegaFon, Ordinary shares 620,000,000   15% 21%
MGNT PJSC  Magnit, Ordinary shares 94,561,355   63% 69%
MOEX Moscow Exchange, Ordinary shares 2,276,401,458   57% 58%
MRKU IDGC of Urals, JSC, Ordinary shares 87,430,485,711   15% 13%
MTLR Mechel PAO, Ordinary shares 416,270,745   45% 50%
OTCP PJSC OTCPharm, Ordinary shares 145,422,732   14% 11%
PIKK PIK GROUP, Ordinary shares 660,497,344   32% 18%
PRFN PAO  Chelyabinski zavod PROFNASTIL, Ordinary shares 838,287,450   13% 17%
PSBR Promsvyazbank PJSC, Ordinary shares 1,113,385,474,671   8% 9%
RBCM PJSC RBC, Ordinary shares 365,631,010   30% 23%
ROLO PJSC Rusolovo, Ordinary shares 3,000,100,000   5% 6%
RUAL United Company RUSAL Plc, Shares of a foreign issuer 15,193,014,862   13% 16%
SELGP PJSC Seligdar, Preferred shares 150,000,000   100% 16%
UPRO PJSC Unipro, Ordinary shares 63,048,706,145   18% 16%
URKA PJSC Uralkali, Ordinary shares 2,936,015,891   6% 5%
UWGN PJSC  RPC UWC, Ordinary shares 115,996,689   20% 26%
VSMO VSMPO-AVISMA Corporation, Ordinary shares 11,529,538   10% 9%
ZVEZ PJSC ZVEZDA, Ordinary shares 562,020,480     9%
 

From 22 December 2017, the following shares will be under consideration:

Under consideration to be added to Moscow Exchange indices:

No Ticker Issuer
1 OBUV OR PJSC, Ordinary shares
2 GTRK PJSC GTM, Ordinary shares
3 TNSE PJSC GC  TNS energo, Ordinary shares
4 OTCP PJSC OTCPharm, Ordinary shares
5 GAZA PJSC GAZ, Ordinary shares
6 OPIN PJSC OPIN, Ordinary shares
7 PRFN PAO  Chelyabinski zavod PROFNASTIL, Ordinary shares
8 CNTLP PJSC  Central Telegraph, Ordinary shares

Under consideration to be removed from Moscow Exchange indices:

No Ticker Issuer
1 KBTK PJSC  KTC, Ordinary shares
2 MFGSP JSC  Slavneft-Megionneftegas, Preferred shares
3 TGKN PJSC  TGC-14, Ordinary shares
4 UNKL Southern Urals Nickel Plant PJSC, Ordinary shares
 

Notes on Moscow Exchange index review

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