Solidcore drives stock rally on AIX

Over the first nine months of 2024, the total trading volume on the Astana International Exchange (AIX) within the Astana International Financial Centre (AIFC) reached a record high of $922 million, a fourfold increase compared to the same period last year ($220 million). Shares of Solidcore Resources (formerly known as Polymetal) remain the most frequently traded securities on the exchange, AIX stated in response to an inquiry from Kursiv.media.

From January to August 2024, Solidcore reported $370 million in stock trades, compared to $17 million in the previous year. This indicates a growth rate of 21.7 times, as reported by AIX.

In total, trading turnover on AIX has exceeded $2 billion since its inception, with 46% of that amount reported this year. Currently, more than 1.8 million Kazakhstanis have investment accounts with the Central Securities Depository (CSD), which serves as a depository for AIX. As of Oct. 8, there were 224 securities listed on the exchange, 219 on Sept. 30 and 150 at the end of 2023.

Solidcore first announced its intention to move from the British island of Jersey in the autumn of 2022. In August 2023, the company completed its redomiciliation to the AIFC. Since Aug. 10, 2023, the company’s shares have been traded on AIX. In October of last year, Solidcore was added to the AIX Qazaq Index.

In late September 2023, Solidcore’s CEO, Vitaly Nesis, announced a plan to sell the company’s Russian assets due to sanctions imposed against its Russian subsidiary, Polymetal. The deal was finalized in March 2023, with the asset acquired by Mangazeya Plus, controlled by Sergey Yanchukov, for $3.69 billion.