Story
MOEX Russia Index Finishes Flat as Energy Losses Offset Broader Gains
Summary
Russia's main stock benchmark, the MOEX Russia Index, closed unchanged in a mixed session where declines in major energy companies counteracted gains across a wider range of stocks.
Russia's MOEX benchmark index ended the trading session completely flat on Saturday, masking a divergent performance beneath the surface as losses in energy heavyweights were balanced by gains in the consumer and materials sectors.
A Tale of Two Sectors
Despite the index's 0.00% change, market breadth was positive, with advancing stocks outnumbering decliners on the Moscow Stock Exchange by a wide margin of 188 to 43, while 19 stocks finished unchanged. This indicates that while smaller companies generally advanced, losses in a few large-cap stocks weighed on the overall index.
The session's top performers included:
- Magnit PJSC (MCX:MGNT), which rose 2.87%
- E-commerce firm OZON (MCX:OZON), adding 2.85%
- Gold miner Polyus PJSC (MCX:PLZL), which climbed 2.44%
AdConversely, the energy sector saw modest declines. The session's biggest laggards among blue chips were TATNEFT (MCX:TATN), down 0.35%, followed by LUKOIL (MCX:LKOH) and NOVATEK (MCX:NVTK), which fell 0.34% and 0.31%, respectively.
Commodities and Currency Moves
The weakness in Russian energy stocks coincided with a drop in global oil prices. Brent crude for September delivery fell 3.88% to $96.78 a barrel, while WTI crude futures declined 2.14% to $85.15 a barrel. In contrast, August gold futures saw a 0.51% gain, supporting shares of producers like Polyus.
In currency markets, the Russian ruble strengthened against major peers. The USD/RUB pair fell 0.83% to 77.65, and the EUR/RUB pair dropped 0.91% to 88.27. Meanwhile, the Russian Volatility Index (RVI), a measure of implied volatility, was unchanged at 47.85.
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