Russian Stock Exchange: Russian stock exchanges resume after a month-long hiatus; MOEX rebounds 11%

The Russian ruble extended its recovery gains early Thursday and the stock market resumed activity after a month-long hiatus, with energy stocks rising and other stocks recording erratic moves.

At 07:13 GMT, the ruble 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 rubles .

Against the euro, the ruble was up 1.9% at 106, still a far cry from the levels of around 90 seen before Russia launched what it calls a “special military operation” in Ukraine on February 24.

In the stock market, volatility soared as the Moscow Stock Exchange partially opened its trading section for the first time since late February, with the benchmark MOEX stock index climbing 11% on the day to 2,742.2.

Shares of gas giant Gazprom jumped around 20% at the start of trading, while oil majors Rosneft and Lukoil both rose 19%, Brent crude, a global benchmark for Russia’s main export, hovering around $121 a barrel.

Shares of mining giant Nornickel also did well, up 23%.

With most of European airspace closed to Russian aircraft, flagship carrier Aeroflot plunged around 20% at one point before recovering somewhat to be down 5%.

Sanctioned lender VTB opened in the red but quickly rallied to add 1% on the day. Major lender Sberbank gained 19% on the day.

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