Gazprom becomes largest issuer in MSCI Russia Index
Gazprom is now the largest issuer in the MSCI Russia Index. The Company's ranking was revised based on the latest review of the stock index by MSCI.
In the second quarter of 2020, MSCI revised the free float-adjustment factor – one of the key indicators on the basis of which the weight of securities of every issuer is measured – for Gazprom's shares. Starting from June 1, 2020, the adjustment factor for Gazprom's shares was raised from 0.45 to 0.5.
As a result, Gazprom's shares took the number one position in the MSCI Russia Index with a weight of 17.51 per cent as of June 1 according to the data published on the MSCI website.
“The update of the free float-adjustment factor and the subsequent increase in the weight of Gazprom's shares in the index is a major development for the Company. Many international investors use the MSCI Russia Index to shape their investment portfolios. We firmly believe that the increased weight of Gazprom's shares in the index will cause an inflow of investment into the Company's securities,” said Famil Sadygov, Deputy Chairman of the Gazprom Management Committee.
Background
The MSCI Russia Index measures the performance of the Russian stock market. It forms part of the MSCI Emerging Markets Indexes and is calculated by MSCI Inc., a global analytical company.
The MSCI Russia Index serves as a benchmark for international institutional and private investors placing funds in the securities of Russian issuers.
The index covers the securities of 22 investment-attractive Russian issuers. The weight of each issuer's shares reflected in the index depends on the respective company's capitalization and free float. The composition and structure of the index are reviewed quarterly.
Source: gazprom.com