Story
MOEX Russia Index Closes Flat Amid Mixed Trading and Falling Oil Prices
Summary
Russia's benchmark stock index, the MOEX, finished the trading session unchanged as gains in consumer and materials stocks were offset by weakness in other sectors. The flat close came despite a drop in global oil prices and a strengthening of the Russian ruble.
Russia's benchmark stock index ended the trading day completely flat, with the MOEX Russia Index registering a 0.00% change at the close in Moscow. The stagnant finish for the main index masked a mixed performance among individual companies, with more stocks advancing than declining on the day.
A Mixed Session for Stocks
Despite the flat headline number for the index, market breadth was positive. Data from the Moscow Stock Exchange showed 139 stocks rising compared to 82 declining, while 27 issues ended the session unchanged. This indicates that gains in some stocks were effectively canceled out by losses in others, particularly among the index's key constituents.
Leading the gainers were retail giant Magnit PJSC (MCX:MGNT), which rose 1.13%, and steel producer Novolipetsk Steel (MCX:NLMK), which added 0.93%. Energy major Gazprom PJSC (MCX:GAZP) also ended higher by 0.93%. On the downside, losses were minimal, with AFK Sistema PJSC (MCX:AFKS) falling 0.20% and oil company LUKOIL PJSC (MCX:LKOH) dipping just 0.04%.
AdVolatility Hits Lows as Oil Declines
Investor sentiment, as measured by the Russian Volatility Index (RVI), showed signs of calm. The RVI, which tracks the implied volatility of MOEX options, was unchanged at 31.97, a new three-month low, suggesting low expectations for significant market swings in the near term.
In the broader markets, commodity and currency movements were notable. Global oil benchmarks fell sharply, with WTI Crude oil for November delivery down 2.29% to $92.44 a barrel and the Brent oil contract losing 2.02% to trade at $104.45 a barrel. In contrast, the Russian ruble strengthened against major currencies, with the USD/RUB pair falling 1.12% to 84.04.
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