Russian stocks rebound after markets reopen

Russia’s stocks continued to rise sharply on Thursday as the Moscow Exchange reopened for limited trading this week, after suspending most of its transactions on February 28.

The ruble-based MOEX benchmark went up more than 11% to 2,743 points. The dollar-denominated RTS index of leading Russian stocks was down slightly, to 888.59 points.

The Moscow Exchange resumed trading in 33 Russian equities, including shares of Gazprom, Sberbank, Aeroflot, and other domestic firms. Oil majors Rosneft and Lukoil were both up by 20% and 16%, respectively. Aluminum company Rusal rose more than 14%, while Norilsk Nickel jumped more than 22%.

Short-selling on stocks will be banned, the central bank announced earlier. Foreign investors will not be able to sell stocks or OFZ ruble bonds until April 1.

The MOEX nosedived on February 24, when Russia launched a military operation in Ukraine. On February 28, trading was suspended until further notice as Western sanctions targeting Russia’s financial system threw stock markets into turmoil.

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