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: LSE halts trading in Russian companies with secondary listings

0

The London Stock Exchange on Thursday became the latest exchange to halt trading in Russian companies, as it announced the suspension of the secondary listings in companies including Gazprom, EN+ and Sberbank.

The LSE cited “recent sanctions in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets” for the move. “The Exchange will continue to keep this situation under review,” the LSE said.

Deutsche Boerse
DB1,
-0.68%
,
the New York Stock Exchange and the Nasdaq had already halted trading in Russian companies with overseas listings. The Central Bank of Russia has kept the Russian stock market shut all week.

The London listings for Russian energy giants including Gazprom
OGZD,
,
Lukoil
LKOH,
-22.32%

and Rosneft Oil
ROSN,

each fell more than 90% as investors reacted to punishing sanctions imposed on the country for the invasion of Ukraine.

Russian companies with primary listings on the LSE, such as gold producer Polymetal International
POLY,
-30.92%

and steelmaker Evraz
EVR,
+26.67%
,
continue to trade.

The LSE, which separately reported financial results on Thursday, said the LSE’s operations in Russia and Ukraine account for less than 1% of total income.

A unit of the LSE, FTSE Russell, said it’s removing Russia from all of its indexes. Index provider MSCI made a similar move.

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