Story
MOEX Russia Index Edges Higher on Energy Sector Gains Despite Broad Market Decline
Summary
Russia's main stock index closed with a marginal gain on Thursday, lifted by strength in oil and gas stocks. However, the advance was narrow, with the number of declining companies significantly outpacing advancers on the Moscow Exchange.
Russia's benchmark MOEX Russia Index finished Thursday's session with a slight gain, closing up 0.19% in a mixed day of trading. The advance was primarily driven by positive performance in the country's key Oil & Gas, Power, and Manufacturing sectors, according to data from the Moscow Exchange.
A Narrow Advance
Despite the headline index finishing in positive territory, market breadth was decidedly negative. Declining stocks significantly outnumbered advancing ones by a margin of 172 to 69, with 14 issues ending the session unchanged. This indicates that the index's modest gain was propelled by a small number of heavily weighted companies, while the majority of listed stocks lost ground.
Reflecting a slight easing in market anxiety, the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, fell 2.65% to 33.44.
Sector and Stock Movers
The day's trading saw a sharp divergence in performance across major Russian corporations. Gold producer Polyus PJSC (MCX:PLZL) was a top performer, surging 4.38%. E-commerce firm OZON (MCX:OZON) also posted a solid gain of 1.67%.
AdIn contrast, the metals and mining sector faced significant selling pressure. Key decliners included:
- GMK Noril'skiy Nikel' PAO (MCX:GMKN): fell 6.16%
- United Company Rusal IPJSC (MCX:RUAL): declined 5.21%
- Moskovskiy Kreditnyi Bank PAO (MCX:CBOM): was down 3.58%
Commodities and Currency Markets
In the broader markets, energy prices provided a tailwind for Russian producers. Crude oil for November delivery rose 2.82% to settle at $94.76 a barrel. Meanwhile, Gold Futures for December delivery were down 0.19%.
The Russian ruble remained stable against major currencies, with the USD/RUB and EUR/RUB pairs closing effectively unchanged, according to market data. The US Dollar Index Futures, a measure of the dollar's strength against a basket of currencies, ticked up 0.18%.
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