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Wild moves in Russian stocks as market reopens after month-long shutdown

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On February 28, 2022, a man walks by Moscow’s Stock Market Building in central Moscow.

Getty Images| Afp | Getty Images

Russia’s stock markets rose sharply Thursday following a partial reopening of trading for limited trade after its longest closure since the fall Soviet Union.

The Moscow ExchangeTrading in Russian equities was resumed. This includes some of its most famous names, such as GazpromAnd SberbankThe time is between 10 a.m. to 2 p.m. Moscow (between 7 a.m. ET), following announcement from the Central Bank of RussiaOn Wednesday

Stock short selling will be prohibited. Foreign investors won’t be allowed to sell stock or OFZ ruble bonds before April 1.

The MOEX Russia Index rose more than 10% within 20 minutes of trading.

Petroleum giants RosneftAnd LukoilAluminum company Rusal climbed over 14% and 20%, while the respective rises of Norilsk Nickel and 16% were significant. Norilsk Nickel increased more than 22%.

The other side of the index is Shares in Russian airlines AeroflotInitial plunges of more than 20% were quickly reversed and trades settled at 6%.

The stock exchange in the country was shut down since February 25th, as Russian assets fell across the board due to the country’s invasion Ukraine and the anticipation of harsh international sanctions.

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