Sorry, haters, Putin’s stock market is better than yours.
Ridiculously low interest rates on European government bonds, and higher dividends being paid by Russian companies, have investors overweighting Russian securities.Retailer Magnit’s dividend yield is a whopping 8.62%. Its competitor X5 Retail Group pays 4.15%.
Telecommunications giant, Mobile TeleSystems , which trades on the NYSE, pays 5.7%. MBT is up 26.4% year-to-date.Russia’s break from the Soviet Union came with at least three financial crises, each one either delivering a—temporary—crushing blow. Since the breakup of the USSR, many of Russia’s wealthy have left or hid money offshore while the country still faces something of a brain drain. Russians in the science and engineering fields are working in the U.S. and Western Europe instead.
A few years later, they turned to real estate, building a Chinese-style housing bubble that popped in 2008 and never recovered. Since real estate is no longer offering Russians the returns on investment it once did, those who don’t have enough capital to open up accounts overseas, or need to keep money at home, are rediscovering the stock market.
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