What happened
Yury Denisov, Chairman of the Board of Moscow Exchange, reduced his stake in the exchange’s capital from 0.035% to 0.0000004%, according to a message on the information disclosure website.

The date of the event is June 4.

According to the closing price of Mosbirzhi shares on June 4, the sold stake corresponds to about 67.7 million rubles.

What it means
Decrease in the share of top management in the company’s capital is a negative moment for investors’ perception of the shares. It may be regarded by the market as a signal that the securities are less attractive for shareholders.

Medium-term expectations on Mosbirzh shares are restrained. The Exchange suffers from a strong decline in trading volumes due to the freeze of non-residents in 2022. At the end of the first half of the year, trading activity on the most profitable stock market fell by 33% YoY. Prospects for market-beating growth in the coming months are difficult to outline.