Those volatile Russians
February 25, 2022 Leave a comment
I needed to make a note of yesterday’s volatility in Russian equities.
Lukoil fell 57% at one stage to close ‘only’ down 22% on the day.
Gazprom’s intraday low was 41% below the previous day’s close.
After all of that, it closed down 29%.
Sberbank was down 57% at one stage yet closed a respectable negative 37% while TCS Group (a financial services firm) tanked 80% and then rallied to close down 59%.
and the whole index (the MOEX) was down 51% at its lowest point and closed down 33% on the day.
It is extraordinary that a whole index halved in value.
It may be an immediate signal that sanctions had an effect.
Rarer still, some of these moves were 4 standard deviations below their weekly mean.
In this morning’s trading session, these stocks are +10%, (4%), (4%) and +33% respectively, while the MOEX has bounced a further 6%, albeit it seems unconvincing.
Phew !
February 25, 2022
by Rob Zdravevski
rob@karriasset.com.au
rob zdravevski's blog 