The value of the stock rose to 22,100 rubles ($359) per share on the back of the rallying palladium prices. The metal, which was trading at about $2,500 an ounce on Monday, is now more expensive than gold. It has jumped by more than 25 percent in the last two weeks alone, and almost doubled in value over the past year.
Aluminum producer Rusal shares followed Nornickel’s lead, skyrocketing 14.2 percent on the Hong Kong Stock Exchange to 4.92 Hong Kong dollars ($0.63). Rusal is Nornickel’s second-biggest shareholder.
One of the world’s largest producers of nickel and palladium, Nornickel accounts for about 40 percent of global palladium production. It operates mines in Russia, Botswana, Australia, South Africa, and Finland. The company’s revenue was more than $6 billion last year.
The company’s owner, Vladimir Potanin, now ranks third on the Forbes list of wealthiest people in Russia. The oligarch, whose wealth is estimated at $23.5 billion, was by the end of last year believed to be the third richest man in Russia after Novatek boss Leonid Mikhelson ($27 billion) and the head of oil firm Lukoil, Vagit Alekperov ($24 billion).