MOEX Russia Index Gains 0.53% on Strength in Mining and Energy Stocks

Russia's main stock market benchmark, the MOEX Russia Index, finished the trading session higher on Friday, gaining 0.53%. The advance was primarily driven by strong performance in the country's key Mining, Power, and Oil & Gas sectors, according to data from Investing.com.

Sector Performance and Key Movers

The rally was broad-based, with rising stocks outnumbering declining ones on the Moscow Stock Exchange by 157 to 87, while 9 remained unchanged. The gains in commodity-linked equities coincided with a surge in global energy prices.

Key individual performers for the session included:

• GMK Noril'skiy Nikel' PAO (MCX:GMKN), which was the top gainer, rising 4.91%.
• Moskovskiy Kreditnyi Bank PAO (MCX:CBOM) added 3.73%, reaching a new 52-week high.
• Magnitogorskiy Metallurgicheskiy Kombinat PAO (MCX:MAGN), a major steel producer, was up 3.67%.

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On the downside, e-commerce company OZON (MCX:OZON) was the session's worst performer, falling 3.69%. Retailer Magnit PJSC (MCX:MGNT) and diamond producer AK ALROSA PJSC (MCX:ALRS) also posted modest declines of 0.99% and 0.96%, respectively.

Commodities and Currencies

The positive sentiment in Russian equities was supported by a significant rally in the oil market. Brent crude for October delivery rose 3.22% to trade at $89.68 a barrel, while West Texas Intermediate (WTI) crude for September delivery climbed 3.17% to $83.36 a barrel. In contrast, gold futures for August delivery fell 1.49%.

The Russian ruble showed a mixed performance. It weakened slightly against the U.S. dollar, with the USD/RUB pair up 0.29% to 80.23, but strengthened against the euro, with the EUR/RUB pair down 0.40% to 91.85. Meanwhile, the Russian Volatility Index (RVI), which measures implied volatility, decreased by 0.95%, suggesting lower expectations of near-term market turbulence.