May 1 (Bloomberg) -- OAO Rosneft, Russia’s biggest crude producer, fell the most in two week in London as the stock traded without the right to its latest dividend.
While Chief Financial Officer Svyatoslav Slavinsky said last week that Rosneft is committed to a 25 percent payout to shareholders, the company hasn’t officially announced a dividend amount via JPMorgan Chase & Co., its depositary bank. The oil company will probably pay about 26 cents per global depositary receipt, according to Bloomberg Dividend Forecasts.
The GDRs slipped 20.5 cents, or 3 percent, to $6.63 at the close in London, the biggest drop since April 17. Adjusting for the estimated 26-cent payout, the GDRs would be 5.5 cents higher. Trading volume was 1.5 times the three-month daily average, data compiled by Bloomberg showed. Brent crude fell 2.6 percent to $99.70 a barrel, declining for a second day.
“Despite the fact it’s gone ex-dividend today and Brent is slumping back down onto the psychological support level of $100, Rosneft is actually managing to eke out a minor increment on decent, above-average volume,” Julian Rimmer, an equities trader at CF Global Trading in London, said by e-mail today.
Markets in Russia were closed for a public holiday today.
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