MOSCOW, Sept 3 (Reuters): Russia's benchmark MOEX stock index climbed to its highest in more than three months on Friday, as investors bet on other companies following Gazprom's lead in recommending dividends, while the weakened towards 61 against the dollar and euro.
Gas giant Gazprom's board this week recommended the payment of 51.03 roubles ($0.8456) per ordinary share in dividends on the first half of 2022, sending the company's shares up around 25 per cent and buoying Russian indexes.
"Investors seem to have cheered up and hopes that the dividend idea is alive and that other Russian companies will join with Gazprom are gradually moving the market upwards," said Alexander Arutyunyan, chief economist at Russ-Invest.
By 1532 GMT, the rouble-based MOEX Russian index was 0.9 per cent higher at 2,467.4 points, its strongest mark since May 18.
The dollar-denominated RTS index was down 0.1 per cent to 1,278.2 points, slipping slightly from a near two-month high.
"Investors may want to cash in ahead of the weekend, though we still believe that the iMOEX remains in a growing trend," said BCS Global Markets in a note.
The rouble has hovered near 60 to the dollar and euro for the past several weeks, but fell towards 61 ahead of the weekend.
The rouble was 0.9 per cent weaker against the dollar at 60.84 and had lost 1.6 per cent to trade at 60.87 versus the euro .
Promsvyazbank analysts said the rouble would remain in the 60-61 range against the dollar on Friday.
Volatility has subsided since it hit a record low of 121.53 per dollar in Moscow trade in March, soon after Russia sent tens of thousands of troops into Ukraine. It then rallied to its strongest in seven years of 50.01 per dollar in June.
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