Gazprom, Lukoil, Novatek, Polyus and the day's MOEX movers

From Gazprom's half‑year profit and record China deliveries to Yandex's upcoming dividend vote — a roundup of the main developments and data for major MOEX stocks.

Trading on MOEX today reflected a mix of company results, regulatory moves and corporate calendar items: commodity and oil‑and‑gas names reacted to operating updates and permission extensions, while tech stocks felt the impact of rising shipments and new rules. Key themes were half‑year results, foreign‑asset approvals and upcoming board decisions.

Gazprom posted a six‑month RAS profit of ₽78.4 billion after a loss a year earlier and set a new daily delivery record to China on the Power of Siberia pipeline. The return to RAS profitability together with higher China flows explains the stock’s attention: both matter for export revenue. The share is modestly down 1.4% on a volume of 54,159,020, while exposure to gas prices, geopolitics and weather‑driven demand remains a key risk.

The US extended permission for Lukoil to sell foreign assets until August 22 — the prior authorization had been due to expire on July 25 — giving the company extra time to complete transactions. The extension directly affects the timing of strategic disposals and helps explain the stock’s recent outperformance alongside peers. The authorization remains temporary and the share will stay sensitive to any further extensions and to oil‑price and macro moves.

Interfax calculations suggest Surgutneftegaz’s cash reserve (the so‑called 'kubushka') may have recovered to ₽5.8 trillion by end‑2025 after mid‑2025 declines, and the company reports ₽295 billion of environmental investments over the last decade, including more than ₽40.5 billion in 2025. The cash recovery and heavy environmental spending point to financial resilience and capital priorities, drawing investor interest. Those figures are Interfax estimates, however, and reserve composition and intended uses may differ from consolidated company numbers.

Positive Technologies reported a 45% increase in shipments in H1 and a 2.2x rise in Q2 shipments, providing a concrete operational reason for market interest. At the same time, discussion of new digital‑depository rules — including draft requirements for up to $2.8m in liquid capital — focuses attention on cybersecurity providers and digital‑asset infrastructure. Stronger shipments are encouraging but not a guarantee of improved margins, and regulatory changes could shift product demand.

Novatek reported mixed half‑year numbers: sales revenue rose 4% while IFRS net profit fell 3.1%, and the shares came under pressure after the report. Market‑wide weakness and anticipation of the central bank’s key‑rate decision added to the stock’s strain. The divergence between revenue growth and profit decline puts margins and costs under scrutiny.

Polyus was cited among the leaders of growth amid a positive move in commodity markets, with the MOEX index recovering more than 200 points over the week. The share is trading at ₽1,247 with a 24‑hour gain of 1.61% on a volume of 1,051,498. That performance aligns with commodity strength, though such trends can be short‑lived if metal prices reverse.

Sberbank placed 64th in the Fortune Global 500 — the top result among Russian companies — generating wide media attention. The share is slightly down 0.89% on high volume of 36,939,953, while the ranking is primarily reputational and does not disclose new financial metrics. PR benefits may matter for image, but direct effects on operations or dividend policy are unclear.

Yandex’s board is set to decide on dividends on July 31, and that event, together with the company’s inclusion in a shareholder‑value creation index, tightens market focus in the near term. The market is also gearing up for reports from major issuers such as Sberbank and Nornickel, which shapes the broader news flow. Setting the dividend date does not by itself determine amounts or forms of payment — those depend on results and board choices.

What to watch

What to watch next: the central bank’s rate decision, export flows and energy price moves (relevant for Gazprom, Novatek and Lukoil), timing and conditions of Lukoil’s foreign‑asset disposals, Yandex’s dividend decision and corporate reports, and how draft digital‑depository rules affect demand for Positive Technologies. For commodity names, keep an eye on global metal and commodity price trends and short‑term market swings.