Rouble recovers further, jittery stock trading resumes after month-long hiatus
March 24, 2022
(Reuters) – The Russian rouble extended recovery gains early on Thursday and the stock market resumed trading after a month-long hiatus, with energy stocks rising and other shares staging erratic moves.
At 0713 GMT, the rouble was 1.4% stronger against the dollar at 96.37, 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, still far away from levels of around 90 seen before Russia started what it calls “a special military operation” in Ukraine on Feb. 24.
On the stock market, volatility soared as Moscow Exchange partially opened its stock market section for the first time since late February, with the benchmark MOEX stock index climbing 11% on the day to 2,742.2. Shares in gas giant Gazprom jumped around 20% in early trade, while oil majors Rosneft and Lukoil were both up 19% as Brent crude oil, a global benchmark for Russia’s main export, hovered near $121 per barrel.
Shares in mining giant Nornickel were also performing well, up 23%. With most of European airspace closed to Russian planes, flagship carrier Aeroflot plunged around 20% at one point before recovering somewhat to be down 5%. Sanctioned lender VTB opened in the red but soon recovered to add 1% on the day. Major lender Sberbank gained 19% on the day.
(Reporting by Reuters; Editing by Christopher Cushing)