Moscow Exchange Changes Free Float Calculation Method
OREANDA-NEWS. The Index Committee of CJSC "MICEX Stock Exchange" has advised the Exchange to change the free float calculation methodology by including stocks represented by depositary receipts traded abroad into free-float.
Existing free-float methodology treats depositary receipts as floating securities provided that the following conditions are met:
no restrictions are applied on shares acquisition upon exercising rights under the depositary receipts;
number of shares represented by depositary receipts does not surpass substantially the domestic free float (at most by 1.5 times).
The Index Committee proposes that depositary receipts are always included in free float giving reasons that this makes the indices calculation more transparent, corresponds to international practice and allows presenting the most detailed structure of Russia's market from the global investment perspective.
It is expected that the new method will be employed beginning the June indices review (from June 17, 2013).
The table below demonstrates how the change in the free float calculation method will impact the Moscow Exchange Indices" constituents (the MICEX Index and RTS Index).
|
No |
Ticker |
Name |
Current |
New |
Weight in the index |
Weight in the index |
|
1 |
GAZP |
Gazprom, ordinary shares |
46% |
46% |
15.00% |
15.00% |
|
2 |
SBER |
Sberbank, ordinary shares |
48% |
48% |
14.04% |
14.04% |
|
3 |
SBERP |
Sberbank, preferred shares |
100% |
100% |
0.96% |
0.96% |
|
4 |
LKOH |
LUKOIL, ordinary shares |
57% |
57% |
14.43% |
14.43% |
|
5 |
SNGS |
Surgutneftegas, ordinary shares |
25% |
25% |
3.91% |
3.91% |
|
6 |
SNGSP |
Surgutneftegas, preferred shares |
73% |
73% |
1.94% |
1.94% |
|
7 |
ROSN |
Rosneft, ordinary shares |
12% |
12% |
4.72% |
4.72% |
|
8 |
URKA |
Uralkali, ordinary shares |
45% |
45% |
4.72% |
4.67% |
|
9 |
MTSS |
MTS, ordinary shares |
12% |
49% |
1.35% |
4.11% |
|
10 |
NVTK |
NOVATEK, ordinary shares |
18% |
27% |
3.67% |
4.11% |
|
11 |
MGNT |
Magnit, ordinary shares |
24% |
48% |
2.64% |
3.95% |
|
12 |
GMKN |
OJSC "MMC "NORILSK NICKEL", ordinary shares |
24% |
24% |
4.72% |
3.82% |
|
13 |
RTKM |
Rostelecom, ordinary shares |
43% |
43% |
3.16% |
2.36% |
|
14 |
RTKMP |
Rostelecom, preferred shares |
100% |
100% |
0.45% |
0.34% |
|
15 |
TATN |
Tatneft, ordinary shares |
32% |
32% |
2.92% |
2.18% |
|
16 |
TATNP |
Tatneft, preferred shares |
100% |
100% |
0.33% |
0.24% |
|
17 |
VTBR |
VTB Bank, ordinary shares |
25% |
25% |
3.01% |
2.25% |
|
18 |
TRNFP |
Transneft, preferred shares |
100% |
100% |
2.20% |
1.64% |
|
19 |
BANE |
Bashneft, ordinary shares |
12% |
12% |
0.87% |
0.72% |
|
20 |
BANEP |
BAshneft, preferred shares |
100% |
100% |
0.98% |
0.82% |
|
21 |
AFKS |
AFK SISTEMAЃ@, ordinary shares |
12% |
36% |
0.62% |
1.40% |
|
22 |
MFON |
Megafon, ordinary shares |
2% |
15% |
Ѓ@ |
1.22% |
|
23 |
HYDR |
RusHydro, ordinary shares |
34% |
34% |
1.53% |
1.14% |
|
24 |
CHMF |
Severstal, ordinary shares |
21% |
21% |
1.24% |
0.93% |
|
25 |
FEES |
FGC UES, ordinary shares |
21% |
21% |
1.04% |
0.78% |
|
26 |
NLMK |
NLMK, ordinary shares |
14% |
14% |
1.02% |
0.76% |
|
27 |
IRAO |
INTER RAO UES, ordinary shares |
18% |
18% |
0.82% |
0.62% |
|
28 |
MTLR |
Mechel, ordinary shares |
18% |
35% |
0.27% |
0.39% |
|
29 |
MTLRP |
Mechel, preferred shares |
90% |
90% |
0.27% |
0.20% |
|
30 |
EONR |
E.ON Rossiya, ordinary shares |
18% |
18% |
0.65% |
0.49% |
|
31 |
PHST |
Pharmstandard, ordinary shares |
18% |
41% |
0.28% |
0.48% |
|
32 |
MOEX |
Moscow Exchange, ordinary shares |
25% |
25% |
0.61% |
0.45% |
|
33 |
MRKH |
IDGC Holding, ordinary shares |
30% |
30% |
0.56% |
0.42% |
|
34 |
RUALR |
United Company RUSAL Plc, RDRs on shares |
8% |
8% |
0.56% |
0.42% |
|
35 |
PHOR |
FosAgro, ordinary shares |
10% |
17% |
0.32% |
0.40% |
|
36 |
TRMK |
TMK, ordinary shares |
5% |
28% |
Ѓ@ |
0.39% |
|
37 |
LSRG |
LSR GroupЃ@, ordinary shares |
15% |
33% |
0.21% |
0.35% |
|
38 |
ALRS |
ALROSA, ordinary shares |
9% |
9% |
0.45% |
0.33% |
|
39 |
NMTP |
NCSP, ordinary shares |
30% |
30% |
0.41% |
0.31% |
|
40 |
AFLT |
Aeroflot, ordinary shares |
32% |
32% |
0.39% |
0.29% |
|
41 |
DIXY |
DIXY GroupЃ@, ordinary shares |
33% |
33% |
0.38% |
0.28% |
|
42 |
VSMO |
VSMPO-AVISMA CorporationЃ@, ordinary shares |
29% |
29% |
0.37% |
0.28% |
|
43 |
MAGN |
MMK, ordinary shares |
5% |
14% |
0.11% |
0.24% |
|
44 |
MSRS |
MOESK, ordinary shares |
18% |
18% |
0.30% |
0.22% |
|
45 |
MSTT |
MOSTOTREST, ordinary shares |
30% |
30% |
0.28% |
0.21% |
|
46 |
PIKK |
PIK Group, ordinary shares |
31% |
39% |
0.20% |
0.19% |
|
47 |
MVID |
Company "M.video, ordinary shares |
26% |
26% |
0.25% |
0.19% |
|
48 |
SVAV |
SollersЃ@, ordinary shares |
34% |
34% |
0.19% |
0.14% |
|
49 |
MSNG |
Mosenergo, ordinary shares |
15% |
15% |
0.17% |
0.13% |
|
50 |
RASP |
Raspadskaya, ordinary shares |
18% |
18% |
0.17% |
0.12% |
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