News

Shares of the day: X5 Group stocks in positive territory against the backdrop of a takeover deal (November 3, 2022)

Shares of the grocery retailer X5 Retail Group became the leaders of trading following the session on the Moscow Exchange on Thursday, November 3. During the day, securities rose by +2.60% to 1,600.5 rubles apiece.

Traders’ interest in the papers intensified after the news that the network closed the deal to acquire controlling stakes in the Siberian retail chains Krasny Yar and Slata. As part of the deal, X5 acquired a 70% stake in businesses. Retail chains will continue to work under their brands, but part of the processes will be integrated with X5. Krasny Yar will manage 232 outlets, and Slat will manage 362 stores.

The deal may strengthen X5 Retail Group’s position in the Russian market and increase the company’s profits, which will subsequently have a positive impact on dividends.

The Moscow Exchange Index fell by -0.82%% to 2155.92 points by the end. The RTS index fell by -1.30% to 1094.3 points. As of 20:53 Moscow time, Brent crude stood at $95.13 per barrel (-1.07%). The Russian currency weakened – 62.1 rubles. per dollar.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button