Monday’s volatile swings for global markets saw shares of beaten-down Russian miner Polymetal surge more than 600% only to have the London Stock Exchange cancel the trades.
Polymetal International POLY shares have tumbled 85% so far this year, succumbing to pressure on Russian assets following sanctions and a global backlash against that country’s invasion of Ukraine nearly two weeks ago.Monday’s action, saw shares briefly shoot to a session high of 1400 pence, before slumping back to 175 pence. The stock exchange said it canceled those trades in accordance with stock exchange rules 2120 and 3022.
The London Stock Exchange has suspended a number of Russian companies with secondary listings, citing “ongoing deterioration of market conditions” and the need to maintain “orderly markets.” Russian stock markets were closed last week and will be shut through Tuesday.