Company Performance: SPB.MU's profitability, revenue growth, and financial health directly impact investor confidence and stock valuation.

Market Sentiment: Overall investor mood towards Russian markets and the financial sector influences SPB.MU's price. Positive sentiment increases demand; negative decreases it.

Regulatory Environment: Changes in Russian regulations affecting financial institutions or trading activities can impact SPB.MU's operations and profitability, thereby affecting stock price.

Economic Conditions: Russia's economic growth, inflation rates, and interest rate policies influence the overall investment climate and affect SPB.MU's attractiveness.

Geopolitical Risks: International relations, sanctions, and political instability in Russia can create uncertainty and affect investor confidence in SPB.MU, leading to price volatility.

Competitor Performance: The performance of other exchanges and financial institutions in Russia influences investor choices and can affect SPB.MU's relative value.

Dividend Policy: SPB.MU's dividend payout ratio and dividend yield affect investor demand. Higher dividends can attract investors seeking income.

Foreign Investment Flows: The level of foreign investment in Russian equities affects overall demand for SPB.MU shares. Increased foreign investment typically leads to higher prices.

Currency Fluctuations: The exchange rate between the Russian Ruble and other major currencies affects the value of SPB.MU for international investors.

Commodity Prices: Russia's economy is heavily reliant on commodity exports. Fluctuations in global commodity prices, particularly oil and gas, influence the overall economic outlook and impact SPB.MU.

Technological Advancements: Innovation and adoption of new technologies by SPB.MU can impact its efficiency and competitiveness, affecting investor perception and stock price.

Trading Volume: High trading volume often indicates increased investor interest and can lead to price fluctuations in SPB.MU stock.