Rise on Moscow exchange reopening??18 Mar 2022 01:55
Who is still buying Petropavlovsk shares?
While most investors are heading for the exit, a few are stocking up on the shares at bargain prices. Among them is Sergey Sudarikov, a Russian oligarch who is behind Region Financial Group and who also owns a stake in the sanctioned Credit Bank of Moscow. After shares dropped to 2 pence on 3 March (this was down almost 90% since the start of the year) Region Financial Group bought a 29% stake in the miner. Shares have moved up a notch since then and are trading at 2.53 pence. This compares with 18.89 pence at the start of the year.
Petropavlovsk is also listed on the Moscow Stock Exchange but trade there has been suspended since the start of Russia’s invasion in Ukraine and won’t restart at least until 18 March. Given that the stock is now trading at a bargain-basement price, it is likely that Russian buyers – at least those who can still access their money – will snap up shares once trading restarts in Moscow.
From the armchair trader..