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 |
New number |
Current |
New |
|---|---|---|---|---|---|
| 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