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Russian stock market opens March 24 2022 first time since start of war

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https://apnews.com/article/russia-ukraine-business-europe-c809eb2c008ffb34adb2c19c3eca7198

Russian stock market, crushed by war, opens with big limits

The Associated Press

The Russian stock market opened Thursday for limited trading under heavy restrictions for the first time since Moscow invaded Ukraine, coming almost a month after prices plunged and the market was shut down as a way to insulate the economy.

Trading of a limited number of stocks, including energy giants Gazprom and Rosneft, took place under curbs meant to prevent a repeat of the massive selloff on Feb. 24 that came in anticipation of Western economic sanctions.

The significant restrictions on trading Thursday underlined Russia’s economic isolation and the pressure on the financial system despite central bank efforts to curb market plunges. Foreigners could not sell stocks, and traders were barred from short selling — or betting prices will fall — while the government has said it will spend $10 billion on shares in coming months, a move that should support prices.

The benchmark MOEX index gained 4.4% as some companies partially recovered losses from the plunge on the day of the invasion. Airline Aeroflot bucked the positive trend by losing 16.4% — not a surprise after the U.S., European Union and others banned Russian planes from their airspaces.

Russian stocks were only a small part of emerging market share indexes even before the war and only for those with a high risk tolerance, given extensive cronyism, nontransparent accounting and widespread state interference. They lost any attraction for most foreign investors when the Moscow Exchange was dubbed “uninvestable” about a week into the war.

“The stock market is really almost a sideshow at this point,” said Chris Weafer, CEO at Macro-Advisory Ltd., a consulting firm. “It’s more a sentiment indicator because obviously companies are not raising any money on the stock market, and they won’t be able to.”

He said, however, that state-owned banks or funds may have been buying to support prices: “It does look like state-supported buying rather than any genuine interest on the part of investors.”

Government efforts to stabilize stocks and the ruble that has plunged in value are a way to show that some confidence was returning and “to try to get that message across to people not to panic, that this is a temporary situation that will improve,” Weafer said. Nonetheless, he added, the Russian financial system remained in a “fragile” state.

Tim Ash, senior emerging markets sovereign strategist at BlueBay Asset Management, said reopened trading was “deeply managed” and suggested that “for those Russians with some spare cash, there is nothing much else to buy as hedge to inflation and currency collapse.”

Restrictions like shutting down and restricting the stock market are among those that Russia has taken to shore up the financial system against utter collapse, but they also close off the economy to trade and investment that could fuel growth.

Some foreign hedge funds have expressed interest in shopping for distressed assets — viable companies trading at knocked-down prices — but they have no way to take part because of the trading restrictions, Weafer said.

A U.S. official called the severely restricted trading a “charade.”

“This is not a real market and not a sustainable model, which only underscores Russia’s isolation from the global financial system,” Daleep Singh, a deputy national security and economic adviser to President Joe Biden, said in a statement.

The economic turmoil in Russia from sanctions and the war has been severe. Hundreds of U.S., European and Japanese companies have pulled out of Russia. There have been bank runs and panic buying of sugar and other staples. The exchange rate of Russia’s ruble has tumbled.

Outside Russia, the reopening of stock trading on the Moscow Exchange has little impact, including on the vast majority of U.S. investors’ portfolios, said Leanna Devinney with Fidelity Investments.

The exchange’s market capitalization — about $773 billion at the end of last year, according to the World Federation of Exchanges — is a fraction of that of major Western or Asian markets. In comparison, the total of all equities on the New York Stock Exchange is roughly $28 trillion.

Russia’s central bank estimates that retail investors owned roughly 7.7 trillion rubles of stock, equal to $79 billion, as of late 2021.

Stocks last traded in Moscow on Feb. 25, a day after the MOEX sank 33% after Russian forces invaded Ukraine. Russia restarted trading in ruble-denominated government bonds earlier this week.

Roughly a week into the conflict, Russia was removed from emerging markets indexes compiled by MSCI after it determined the market to be “uninvestable.”

The London Stock Exchange suspended trading in shares of 27 companies with links to Russia on March 3, including some of the biggest in energy and finance. The shares lost most of their value before that: Rosneft dropped from $7.91 on Feb. 16 to 60 cents on March 2. Sberbank plunged from $14.90 to 5 cents.
 

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https://www.breakinglatest.news/bus...ding-day-gdp-russia-towards-a-historic-crash/

Moscow Stock Exchange -3.6% in second day post-war trading day. GDP Russia towards a historic crash

On its second day of trading following the suspension triggered by the start of the war in Ukraine, the MOEX index of the Moscow exchange immediately turned around, losing 3.66% to 2,484.13 points.

Yesterday the index closed in positive territory, up 4.4%, however retracing the strong gains at the start of the session, when it was up more than 10%.

The moves of the Russian central bank led by Elvira Nabiullina, which decided to restart trading on Russian shares in yesterday’s session, Thursday 24 March, after a stop that lasted about a month, however, prohibiting short selling, fueled the buy’s. and also preventing foreign investors from selling their shares. This last measure, decided at the end of February, will continue until next April 1st.

It must also be said that the Moscow Exchange has established the reopening of trading of 33 of the 50 overall stocks listed on the MOEX index.

Sales on gas giant Gazprom, oil producer Lukoil and bank Sberbank prevailed today. Well PhosAgro instead.

Meanwhile, Benjamin Hilgenstock and Elina Ribakova, economists of the IIF (Institute of International Finance), commented in a note reported by Bloomberg that they expect Russia’s GDP to contract by 15% in 2022, and by 3% in 2023, due to Vladimir Putin’s decision to invade Ukraine, thus antagonizing the whole world.

Economists have issued a preliminary outlook on the impact of the war; the forecasts could therefore also worsen, in the event of further sanctions.

What is clear is that if GDP contracted at the estimated rate, its value would drop to what it was 15 years ago.

“The negative effect on the medium-long term prospects could be even more important,” warned the two IIF experts.
 

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https://apnews.com/article/russia-u...tock-markets-f5653a258caf9c9ad100b853b81317b2

Russian stocks slide as trading resumes for all companies

Russian shares slumped as its stock market resumed trading of all companies Monday after a monthlong halt following the invasion of Ukraine.

The benchmark MOEX index slid 2.2% after the Moscow Exchange reopened for all of its several hundred listed companies, but with restrictions still in place to limit volatility. State-owned energy giant Gazprom fell 3.7%, while airline Aeroflot was up 3%.

The last full trading session in Moscow was on Feb. 25, a day after the index tumbled by a third after President Vladimir Putin ordered the invasion of Ukraine.

Prices whipsawed last week when the exchange tentatively reopened for two days of limited trading, with investors allowed to trade only 33 of the MOEX index’s 50 companies.

Some restrictions remained in place Monday to prevent another big selloff, including the daily session shortened to four hours and a ban on short-selling, which essentially involves betting on stock prices to go down.

Foreigners also are unable to sell shares until Friday — a restriction Russia put in place to counter Western sanctions against its financial system and the ruble, which has been sharply devalued.

Foreign investors are scrambling to figure out how to cut their Russian holdings in light of the sanctions. Investment analytics company MSCI removed the country from its emerging markets indexes, which are widely followed by fund managers, and dubbed the country’s stock market “uninvestable.”

Moscow’s stock exchange is tiny compared with other major ones like the New York Stock Exchange.

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https://tradingeconomics.com/russia/stock-market

The MOEX Russia index pared early gains to close 0.9% down at 2,408 on Tuesday, extending losses from the past two sessions, pressured by the energy sector as investors monitored the start of talks between Kyiv and Moscow. Despite closing in the red, authorities maintained market limitations to prevent selloffs, including bans on short sales and prohibiting foreigners from selling Russian equities. According to Finance Minister Siluanov, Russia has still not tapped into the RUB 1 trillion in funds allocated by the National Wealth Fund to buy domestic stocks. Energy heavyweights Gazprom (-4.9%) and Lukoil (-3.8%) closed with losses, after G7 states rejected the Kremlin’s demand of natural gas payments in rubles. At the same time Severstal (-3.8%) extended its downward momentum as it still faces default risk over its $12.6 million corporate bond. Conversely, Phosagro jumped 6.8%, benefiting from surging fertilizer prices.

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The MOEX Russia Index held to early gains and closed 4.3% higher at 2,513 on Wednesday, snapping a 3-day losing streak, supported by banks and energy stocks as investors weighed on the validity of the Kremlin’s military pullback pledges. Still, authorities kept strong limitations in place to prevent a steep selloff, including a ban on short sales and a prohibition on foreigners from selling Russian equities.

Despite the rebound, the Ministry of Finance said it has not yet tapped into the RUB 1 trillion in funds allocated by the National Wealth Fund to buy domestic stocks. Banking giants Sberbank (4.5%) and VTB (4%) closed with strong gains. Also, Gazprom (3.9%) partially rebounded from last session’s decline, as G7 countries and Moscow continue the dispute over the currency of payment for Russian gas. Meanwhile, shares from Russia’s largest mobile network operator MTS surged 33.4%, returning to pre-war levels after three consecutive sessions of steep declines.


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The MOEX Russia Index held to early gains and closed 4.3% higher at 2,513 on Wednesday, snapping a 3-day losing streak, supported by banks and energy stocks as investors weighed on the validity of the Kremlin’s military pullback pledges. Still, authorities kept strong limitations in place to prevent a steep selloff, including a ban on short sales and a prohibition on foreigners from selling Russian equities.

Despite the rebound, the Ministry of Finance said it has not yet tapped into the RUB 1 trillion in funds allocated by the National Wealth Fund to buy domestic stocks. Banking giants Sberbank (4.5%) and VTB (4%) closed with strong gains. Also, Gazprom (3.9%) partially rebounded from last session’s decline, as G7 countries and Moscow continue the dispute over the currency of payment for Russian gas. Meanwhile, shares from Russia’s largest mobile network operator MTS surged 33.4%, returning to pre-war levels after three consecutive sessions of steep declines.


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A shame we can not access it with the rouble going back to its usual USD value, we could have made a killing just on currency, and if going oil or phosphate....
 

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The MOEX Russia Index surged 7.6% to close at 2,703 on Thursday, extending yesterday’s rebound in the exchange’s first full day of trading since Russia’s invasion.

During the session, President Putin signed a decree stating that foreign purchases of LNG can only be made with rubles as of April 1st, a move that Western leaders outright rejected, while Germany already activated an emergency plan that could lead to energy rationing. Still, Gazprom shares closed 12.3% higher.

Financial stocks also ended in the green, driven by VTB (15.4%) and Sberbank (6.8%), while shares from online retailer Ozon (33.2%) surged after the US removed its subsidiary bank from the list of sanctioned institutions.

The central bank allowed short sales of certain securities for clearing members, but it remained prohibited for brokers’ clients. The exchange is amid a gradual reopening of its financial markets following a preventive shutdown that lasted a month to keep Russian assets from sustaining steep losses.


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The MOEX Russia Index closed 2.6% higher at 2,773 on Friday, returning to levels last seen before Russia’s invasion of Ukraine, but still remains over 1000 points below January levels.

The Central Bank of Russia relaxed capital controls further by allowing the transfer of funds abroad for individuals but excluded those from countries that supported sanctions.

The banking sector led the gains, carried by VTB gaining 13.6% and Sberbank ending 7.5% higher. Also, state-owned energy giant Gazprom closed 3.7% higher after the natural gas kept flowing to Europe, in spite of the Kremlin pledging to immediately suspend supply if the European countries refuse to pay in roubles for deliveries.

Meanwhile, Rusgrain shares plunged 11% after the Kremlin said it could limit agricultural exports to “unfriendly” states.

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The MOEX Russia Index closed 1% higher at 2,787 on Monday, gaining for the fourth consecutive session, as investors evaluated talks of further Western sanctions against Moscow amid reports of war crimes in Ukraine.

French President Emmanuel Macron said that a new round of sanctions targeting Russia was needed and that there were clear indications that Russian forces were responsible for the killings of civilians in the Ukrainian town of Bucha, while the German Defense Minister said the European Union must discuss banning the import of Russian gas.

Banks led the gains in Moscow, as VTB shares jumped 9.5% and Sberbank followed to close 5.7% higher. The metallurgical sector also booked gains, led by a 10.9% jump for Petropavlosk.

Gazprom ended 0.2% higher, on par with the energy sector amid reports that the German government is in talks with private buyers for Gazprom’s assets in the country.


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The MOEX Russia Index plunged 4.5% to close at 2,663 on Tuesday, snapping a four-day winning streak as investors weighed the possibility of new sanctions and sovereign default.

The EU announced plans to ease out coal imports from Russia, barring €9 million from the Russian economy, in retaliation for war crimes in Ukraine.

In the meantime, the US treasury froze the Russian government off its dollar reserves in US banks, disabling Moscow from paying $552 million in principle and $84 million in coupons of sovereign bonds.

The payments were due to bond holders by April 4th, starting the 30-day grace period before a historic default. In the exchange, Gazprom shares fell 3.6% after the German energy authority nationalized Gazprom’s German subsidiary when the energy giant tried to sell it to two smaller Russian entities.

Financial stocks also took steep losses, led by an 8% decline for VTB and 7% for Sberbank.


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The MOEX Russia Index closed 1.9% lower at 2,611 on Wednesday, as investors weighed on fresh sanctions from the US while awaiting on measures by the EU in retaliation to reports of civilian killings in Ukraine.

Sberbank shares closed 8% lower after it was the prime target of US sanctions, which also included Alfabank and President Putin’s adult daughters. VTB shares also closed lower, declining 5%.

The EU planned to ban the import of Russian coal, while policymakers discussed the extent of sanctions on other forms of Russian energy.

Meanwhile, the Russian treasury edged closer to a default after sending payment for a dollar-denominated Eurobond in rubles, to which foreign banks refused to execute.

The US treasury halted Russia from its dollar reserves in US banks, disabling Moscow from paying $552 million in principle and $84 million in coupons of debt.

The payments were due to bond holders by April 4th, starting the 30-day grace period before default.


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The MOEX Russia Index closed 0.9% higher at 2,635, lifted by banking stocks as investors continued to weigh on sweeping sanctions and Russia’s risk of sovereign default.

On Wednesday, the US imposed sanctions on financial institutions and Russian elites and their families, in addition to banning Americans from investing in Russia.

Sberbank shares closed 4.1% higher, partially recovering from yesterday's 8% slide as the prime target of US sanctions.

Gains in the sector came despite Finance Minister Siluanov announcing the Kremlin will propose to abandon the payment of share dividends by state-owned banks for 2021.

Meanwhile, default worries remained present the US treasury halted Russia from its dollar reserves in US banks, leading Moscow to attempt paying over $600 million for dollar-denominated Eurobond principle and coupons in rubles before being rejected by foreign banks.

The payments were due to bond holders by April 4th, starting the 30-day grace period before default.

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RUSSIA STOCK MARKET BACK ONLINE​



yes sometimes remembering history , stops you from looking like a hypocrite
 

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The MOEX Russia Index closed 1.6% down at 2,593 on Friday, despite the Central Bank of Russia unexpectedly cutting its benchmark interest rate by 300bps to 17% to accommodate for the decline in economic activity, reflecting a shift in the balance of risks of accelerating price growth and financial stability.

Miners, energy stocks, and banks sank deeper in the wake of the US congress voting to ban oil, gas and coal imports from Russia.

The legislation codifies an executive order Biden issued last month, making it more difficult for a future president to reverse Biden’s action.

The EU also banned coal imports from Russia in its first move targeting Moscow’s crucial energy revenue, while discussing an embargo on Russian oil, gas and nuclear fuel.

Novatek shares ended 4.5% down, underperforming the energy sector, while oil giant Lukoil dropped 1.2%. Diamond miner Alrosa also dropped 10.4% after the US added the firm to its sanctions list. On the week, the MOEX fell 6%.

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The MOEX Russia Index erased earlier gains to close 1.4% down at 2,557 on Monday, extending the 6% fall last week, pressured by banks and telecoms as investors weighed on news that the Central Bank of Russia shall partially lower capital controls that were put in place to protect the ruble.

The bank removed a 12% commission for buying foreign currency through brokerages and is set to lift the ban on selling foreign currencies to individuals on April 18th.

VTB fell 3.8% and Sberbank dropped 3.5% to lead the losses in the financial sector.

At the same time, Lukoil closed 0.6% down after having been up by 1.8% in the session, while Gazprom declined 2.6%.

Also, Severstal plunged 4.7%, significantly underperforming the mining sector after its management announced it does not recommend paying dividends for Q4 2021 and Q1 2022, and that it will not publish its quarterly results for Q1. .


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The MOEX Russia index closed 0.6% lower at 2,541 on Tuesday, partially recouping from being down 3.3% in the session as mounting sanctions from the West weighed down on the Russian financial and energy sector.

EU executives announced that they are drafting an oil embargo on Russia, although countries have not yet come to an agreement on the penalties.

Meanwhile, the Russian government announced it recommends companies to not issue payments on Eurobonds for debt holders outside foreign accounting systems, opting instead to redeem the bond value in rubles through Russian market infrastructures.

Banks were among the biggest losers in Moscow, with Sberbank falling 2.4% and VTB ending 1.8% lower.

Also, Lukoil dropped 0.9% and Novatek declined 2.2% as European nations attempt to ease their dependency on Russian energy.

Meanwhile, higher fertilizer prices pressured Rusgrain to fall 6.4%.

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The MOEX Russia Index closed 0.5% down at 2,528 on Wednesday, notching a fourth consecutive session of decline, amid concerns of prolonged conflict and added sanctions after President Putin said peace talks with Ukraine are at a dead end.

Sentiment was also dented after the central bank said that consumer inflation will continue to rise through the year and the ruble will remain volatile.

Mining stocks led the losses in Moscow, with Polyus and Severstal dropping over 2.2% each, while Polymetal fell 1.9% after it postponed the decision on its 2021 dividend payments amid hits caused by sanctions.

Hypermarket chain Lenta continued to plunge, losing 9.7% this session and 48% since the start of April amid soaring food prices and shortages.

On the other hand, Rosbank ended 9.9% higher, extending its surge to 213% on the week after it was sold by Societe Generale to Interoos Capital, a firm linked to oligarch Vladimir Potanin.

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The MOEX Russia Index plunged 4.9% to end at 2,405 on Thursday, the lowest close since stock trading re-opened from a month-long suspension on March 24, amid concerns of prolonged conflict and added sanctions.

Investors fled to other forms of fixed income securities after sweeping Western sanctions led firms across all sectors to refuse to pay dividends.

Energy stocks were among the biggest losers, as European countries continue to look for oil and gas imports elsewhere.

Gazprom fell 5.4% and Lukoil tumbled 4.4%, while Novatek shares plunged over 8%. Meanwhile, Polymetal extended yesterday’s decline to drop 5.6% after it announced it postponed its dividend payout decision.

Severstal lost 3.7% in the session, also delaying its decision after having defaulted on its $12.6 Eurobond in March.

On the other hand, Rosbank was 9.8% higher, extending its surge to 235% on the week after it was sold by Societe Generale to Interoos Capital, a firm linked to oligarch Vladimir Potanin.


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The MOEX Russia Index dropped 3.4% to close at 2,343 on Monday, extending last week’s 6.5% drop to its lowest since stock trading returned from its month-long suspension, as the risk of new sanctions on Russia continued to weigh on sentiment.

EU Commission President Ursula von der Leyen said over the weekend that the EU could soon impose its sixth package of sanctions to target Russia’s banking and energy sectors.

Also, Italian Prime Minister Mario Draghi said his proposal to put a price cap on Russian natural gas is gaining support, reflected in steep losses for the energy sector in today’s session.

Lukoil shares plunged over 7%, while Gazprom closed 2.9% lower. At the same time, financials took heavy hits, as Sberbank and VTB lost 5.3% and 5.5%, respectively.

Lastly, TCS Group shares fell 9%, marking eight consecutive sessions of decline as the holding group was significantly affected by sanctions. .

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