Russian businesses are turning their back on the London Stock Exchange, with a string of recent delistings coinciding with a boost in investor sentiment for their "unloved" home market.

Russia's largest homebuilder PIK Group said on Monday that it would delist from the LSE and consolidate its shares on the Moscow Exchange, a month after Russian gold miner Nordgold said it would delist from London due to low trading volumes and a general lack of liquidity.

"Our liquidity in London has been low, and we believe our shareholders will appreciate having all liquidity concentrated on one exchange," said Alexander Dolzhich, capital markets adviser to the firm's president. "Given these factors, the additional cost of maintaining the London listing and higher trading costs do not seem justified."

The move will come as a blow to the LSE. Russian pharmaceutical firm Pharmstandard, Russian gold miner Polyus Gold, potash producer Uralkali and drilling giant Eurasia Drilling Company have all quitted the exchange in recent years. The last London listing of a Russian business was in 2014, Dealogic figures show.

"We believe that the investors we would be targeting in London are happy to trade local shares in Moscow," Mr Dolzhich added.

He is not the only one to think so. The majority of bids for last month's $311m IPO of Russian toy retailer Detsky Mir came from outside of Russia, suggesting that international investors are warming to the country as the economy recovers and tensions with the US thaw following the appointment of US President Donald Trump.