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MOEX Russia Index Falls to 3-Year Low on Broad Sector Weakness
Russian equities fell sharply at the close of trading on Friday, with the benchmark MOEX Russia Index declining by 2.13% to reach a new three-year low. The sell-off was broad-based, led by significant losses in the country's key mining, oil and gas, and power sectors, according to data from the Moscow Stock Exchange.
Sector Performance and Key Movers
The downturn was characterized by steep declines in several major companies. Mining giant Polyus PJSC (PLZL) was the session's worst performer, with its shares plummeting 10.79% to a five-year low.
Other notable decliners included:
- AK ALROSA PJSC (ALRS): The diamond producer's shares fell 3.23% to an all-time low.
- RusHydro PJSC (HYDR): The hydropower company saw its stock drop 2.76%, also hitting a five-year low.
AdMarket breadth was decidedly negative, with 175 stocks falling compared to just 65 advancing, while 10 remained unchanged. A few companies bucked the trend, including Severstal PJSC (CHMF), which gained 1.00%, and PIK SHb PJSC (PIKK), which added 0.72%.
Market Volatility and Currency Moves
Investor uncertainty appeared to be on the rise, as reflected by the Russian Volatility Index (RVI). The RVI, which measures the implied volatility of MOEX index options, climbed 1.05% to 46.01, marking a new six-month high.
In currency markets, the Russian ruble weakened against major currencies. The USD/RUB pair rose 1.52% to 77.31, while the EUR/RUB pair gained 0.96% to 87.87. The moves came as commodity prices were mixed, with crude oil contracts for August delivery falling while Brent oil saw a slight decline.