The Russian stock market has entered a phase of heightened volatility: the Seligdar holding has sent official appeals to the Bank of Russia and the Moscow Exchange demanding an investigation into abnormal price spikes and trading volumes. At the same time, shares of M.Video and CIAN demonstrated explosive growth, forcing the exchange to temporarily switch trading in them to a special regime. For investors, this is a double signal: such movements can bring quick profits, but can turn into losses just as quickly.
CIAN shareholders now have a clear reference point — the buyout price proposed by T-Technologies. Holders of Seligdar and M.Video shares have to act without such support: in the first case, the company directly points to signs of manipulation, while in the second, the reasons for the spike have not been disclosed at all.
Seligdar suspects manipulation
Alexander Khrushch, President and Chairman of the Board of Directors of Seligdar, confirmed that the holding has appealed to the leadership of the Bank of Russia and the Moscow Exchange over fluctuations in the value of its shares and abnormal trading volumes. The company intends to find out why the stock dynamics diverge from the price of gold and what is behind the sharp changes in quotations. "We regard the ongoing events as manipulative," he said.
The trigger was reports of criminal prosecution of majority shareholders that circulated through investor channels on November 5. Khrushch emphasized that information about new charges appeared back in late September, and the prosecution of individuals does not create obligations for the group's companies. According to him, the arrest of stakes is not equivalent to the arrest of production assets — mining and sale of metal are not suspended.
The holding assured that its enterprises are operating as normal: in the nine months of 2026, gold production grew by 16%, exceeding 7 tonnes, while revenue from metal sales increased by 26% to RUB 77.1 billion. As of 15:10 Moscow time, the shares were trading near the 39.48 mark.
M.Video rose in price without explanation
M.Video shares had risen by 26.73% to RUB 55.95 by 10:39 Moscow time, although trading had closed the previous day at RUB 44.15. The Moscow Exchange announced a discrete auction for the retailer's shares: the basis was the closing price exceeding the threshold by more than 20% within five consecutive minutes.
The auction started at 10:43 Moscow time in the T+ main trading mode, and it was planned to complete it and return to normal trading at 11:13 Moscow time. In other exchange modes, trades proceeded according to the established regulations. A discrete auction is a pause of about half an hour during which the exchange collects orders and then matches them at a single price. For investors, this is an opportunity to cool down and assess the spike. The reasons for the growth are not named in the exchange's statement, and without a clear trigger, a sharp surge can just as quickly give way to a pullback. As of 15:10 Moscow time, the shares were trading near the 54.15 mark.
CIAN rose on T-Technologies' plans
CIAN shares had jumped by 20.47% to RUB 937 per share by 11:44 Moscow time. The Moscow Exchange launched a discrete auction for the company's shares to smooth out sharp price fluctuations — it lasted until 12:11 Moscow time.
Investors reacted to T-Technologies' plans to buy up to 100% of the company's shares at RUB 993.05 per share. First, the voluntary offer to shareholders will be reviewed by the Bank of Russia, then it will be sent to CIAN, and the deal is planned to be closed in the first quarter of 2027.
Unlike Seligdar and M.Video, this spike has a clear reference point. Even after the growth, the shares are almost 6% cheaper than the buyout price, and that is roughly what a shareholder could receive by selling the shares under the offer. The risk is that several months remain until the deal closes, and the terms still have to be reviewed by the Central Bank. As of 15:10 Moscow time, CIAN shares were trading near the 538.2 mark.
Sharp movements on the Moscow Exchange did not start today
VK shares went through the same auction on November 5: their price rose by 27.3% to RUB 258.35, and since late October the shares have roughly doubled in price. The price spikes coincided with a period of high trading activity — the Moscow Exchange's turnover in October exceeded RUB 212 trillion.
Unlike Seligdar, MGKL's problems were confirmed: the company failed to pay a bond coupon on time, and the Federal Tax Service blocked the accounts of eight of its subsidiaries. The National Clearing Centre has banned short selling of MGKL shares since November 5 — trades that profit when the price falls.
Cryptalist analysis: The surge in volatility on the Moscow Exchange reflects a structural problem of low liquidity in individual securities: a few large orders can shift quotations by tens of percent and trigger the discrete auction mechanism. The Seligdar situation demonstrates that regulatory risk and information attacks are becoming an independent pricing factor, detaching the company's valuation from fundamental production indicators. For institutional investors, the key reference point remains the presence of a transparent corporate event — such as T-Technologies' offer for CIAN — whereas spikes without disclosed reasons should be viewed as speculative risk rather than an investment opportunity.