Russian Stocks Stage Recovery — RTS Index Up Over 20%
Russian stocks staged a recovery in line with other global markets on Friday, after plunging in the previous session following news regarding Russia’s attack on Ukraine.
What Happened: The MOES Index advanced 19.9% at press time, while the RTS Index —denominated in dollars — was up 23.1%.
Shares of major Russian companies traded mixed in Moscow on Friday.
| Stock | Movement (+/-) |
|---|---|
| Rosneft Oil Company (OTC:RNFTF) | +9.2% |
| Mobile TeleSystems (NYSE:MBT) | +6.8% |
| Gazprom (OTC:OGZPY) | -8.3% |
| Sberbank of Russia (OTC:SBRCY) | -1.6% |
The Macro Factors: The Russian stock markets staged a recovery after U.S. stocks rebounded sharply on Thursday following an initial sell-off. The cryptocurrency markets, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) also rebounded as of late Thursday.
Investors also took comfort from the fact that the second round of sanctions announced by U.S. President Joe Biden on Thursday does not include cutting Russia off from the SWIFT international banking system, or direct sanctions against Russian President Vladimir Putin.
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