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Up to 11% jump on the Moscow Stock Exchange, which opened after February 25 (upd)

LAST UPDATE 11:09

The Russian currency expanded its gains on Thursday and formed at 96 against the dollar, while the stock market resumed trading after a month break, with the majority of shares rising, in a volatile session.

Markets are gradually reopening following the record fall of the Russian currency and after the central bank ordered the suspension of most trade, following Western sanctions.

The ruble rose 2% to 95.61 against the dollar, after Russian President Putin announced last night that Russia would start selling its gas to “unfriendly” countries, in rubles.

Against the euro, the ruble is 3% higher at 105 against the dollar, far from the record low of 132.4 at March, but also far from the 90 at which it traded before Russia invaded Ukraine.

In the stock market, there is intense volatility as it started trading for the first time after the end of February, while a ban on trading by foreign investors and a ban on short selling came into force.

“Since the start of trading, we have seen great offers to buy Russian shares. The overall climate is supported by the certainty that the Ministry of Finance will buy shares,” said BCS Brokerage.

The government announced on March 1st that it will channel up to 1 trillion. Rubles ($ 11.24 billion) from its National Property Fund to buy Russian shares after last month’s sell-offs.

The MOEX index of the Moscow stock exchange rises close to 8% after reaching 11% in the morning.

The Moscow Stock Exchange started trading 33 Russian shares, including big names such as Gazprom and Sberbank, between 09: 00-13: 00 (Greek time).

However, short selling is prohibited and foreign investors will not be able to sell shares or bonds in rubles until April 1.

Rosneft shares rose 14% and Lukoil shares 17%, while aluminum company Rusal also rose more than 14%.

Norilsk Nickel wins more than 19%.

In contrast, the share of Russian airline Aeroflot initially fell more than 20% but soon reduced losses and now records a fall of about 5%.

VTB Bank is down 6% and telecommunications mTS is down 8%.

The Moscow Stock Exchange has been closed since February 25 as Russian assets collapsed in all markets following the country’s invasion of Ukraine.

Source: Capital

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