Stocks soar as trade resumes at Moscow Exchange after month-long break
Moscow Exchange on Thursday (March 24) partially resumed trading of stocks halted days after the Russian troops began what is officially called “a special military operation” in Ukraine on February 24.
Volatility soared as Moscow Exchange with the benchmark MOEX stock index climbing 11% on the day to 2,742.2.IMOEX.
Shares in gas giant Gazprom GAZP.MM jumped around 20% in early trade, while oil majors Rosneft ROSN.MM and Lukoil LKOH.MM were both up 19% as Brent crude oil LCOc1, a global benchmark for Russia's main export, hovered near $121 per barrel.
Shares in mining giant Nornickel were also performing well, up 23% GMKN.MM.
With most of the European airspace closed to Russian planes, flagship carrier Aeroflot AFLT.MM plunged around 20% at one point before recovering somewhat to be down 5%.
Sanctioned lender VTB VTBR.MM opened in the red but soon recovered to add 1% on the day. Major lender Sberbank SBER.MM gained 19% on the day.
The Russian rouble extended recovery gains early on Thursday.
At 0713 GMT, the rouble was 1.4% stronger against the dollar at 96.37 RUBUTSTN=MCX, extending overnight gains driven by President Vladimir Putin saying Russia would start selling its gas to "unfriendly" countries in roubles.
Against the euro, the rouble was 1.9% higher at 106 EURRUBTN=MCX, still far away from levels of around 90 seen before Russia started its "special military operation" in Ukraine.