Story
MOEX Russia Index Drops 1.76% as Energy and Mining Stocks Decline
Summary
Russia's benchmark stock index, the MOEX, closed lower on Friday, dragged down by significant losses in the oil & gas and mining sectors. The decline came despite a drop in the market's volatility gauge to a three-month low.
Russian stocks ended the week on a down note, with the benchmark MOEX Russia Index falling 1.76% by the close of trading on Friday. The decline was primarily driven by weakness in the country's key commodity-producing sectors, according to market data.
Sector and Stock Performance
The sell-off was led by the Oil & Gas, Mining, and Energy sectors. Market breadth confirmed the negative sentiment, with 187 stocks on the Moscow Exchange declining compared to just 58 advancers, while 10 stocks finished the session unchanged.
Key movers on the index included:
- Top Decliners: Moskovskiy Kreditnyi Bank (MCX:CBOM) fell 4.13%, followed by natural gas producer NOVATEK (MCX:NVTK), which lost 2.86%.
- Top Gainers: Bucking the trend, gold miner Polyus (MCX:PLZL) was a standout performer, rising 1.97%. Retailer Magnit (MCX:MGNT) also advanced, closing up 1.02%.
AdBroader Market Indicators
The drop in equities coincided with falling global oil prices, a key driver for the Russian economy. WTI crude futures for November delivery fell 2.29% to $92.44 per barrel, while November Brent crude contracts dropped 2.02% to $104.45.
In a notable development, the Russian Volatility Index (RVI), a measure of implied volatility, fell 4.42% to 31.97, hitting a new three-month low. In currency markets, the Russian ruble strengthened, with the USD/RUB pair falling 1.12% to 84.04.
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