Story
MOEX Russia Index Closes Flat, Masking Deep Losses in Banking and Energy Stocks
Summary
Russia's main stock index ended the session unchanged, but the flat close belied a sharp sell-off in major financial and energy companies, with several hitting multi-year or all-time lows.
The MOEX Russia Index closed unchanged at the end of Saturday's trading session, a flat finish that masked significant turmoil as major banking and energy stocks experienced a dramatic sell-off. According to data from Investing.com, the benchmark index's 0.00% change left it at what was reported as a three-year low.
A Market Divided
The session on the Moscow Stock Exchange was highly divergent, with more individual stocks advancing than declining. Market breadth was positive, with 165 companies posting gains compared to 67 decliners, while 12 ended the day unchanged.
However, the steep, double-digit losses in several heavyweight index components effectively erased the broader market gains. This sector-specific weakness was the primary driver behind the benchmark's static close.
Banking and Energy Stocks Plummet
The financial and energy sectors were among the hardest hit, with several key stocks falling to significant lows.
Ad- Transneft PJSC Pref (MCX:TRNF_p) plummeted 14.98% to reach a new 52-week low.
- Bank VTB PJSC (MCX:VTBR) declined 14.09%, falling to a reported all-time low.
- Sberbank Rossii PJSC Pref (MCX:SBER_p) dropped 10.96%, also hitting a 52-week low.
In contrast, the metals and mining sector showed pockets of strength. Top performers included United Company Rusal (MCX:RUAL), which gained 2.43%, and GMK Noril'skiy Nikel' (MCX:GMKN), which rose 1.72%.
Volatility and Currency Context
Investor sentiment remained tense, as reflected by the Russian Volatility Index (RVI). The RVI, which measures the implied volatility of MOEX options, was unchanged at 53.02, a level reported as a 52-week high, indicating sustained market anxiety.
In currency markets, the ruble weakened slightly against major currencies. The USD/RUB pair rose 0.13% to 78.20, while the EUR/RUB gained 0.10% to 89.46. Meanwhile, crude oil prices advanced, with Brent crude rising 4.59% to $88.10 a barrel.
Read next
More on Stocks
River Cruise Industry Can Adapt to Climate Change Risks, Bernstein Says
Bernstein analysts report that while European river cruises face more frequent disruptions from low water levels due to climate change, the industry has sufficient adaptation strategies to ensure its long-term viability.
Aramco Reportedly Explores Standalone Gas Unit With Potential $100 Billion Valuation
Saudi Aramco is reportedly considering a major restructuring to create a standalone natural gas division, which could be valued at over $100 billion and potentially be listed or sold to new investors.
Apple Ordered to Pay Record $5.7 Billion in Haptic Patent Case, Plans to Appeal
A U.S. jury found Apple's Taptic Engine infringed on two patents held by Taction, ordering a landmark $5.7 billion payment. The tech giant has stated it will appeal the verdict.
Northern Star Rejects Takeover Overture From Gold Fields, Bloomberg Reports
South Africa's Gold Fields Ltd. recently approached Australia's Northern Star Resources about a potential acquisition, but the offer was rejected, according to a report. The move comes as Northern Star faces pressure from an activist investor and deals with operational challenges.