Story
MOEX Russia Index Gains 0.71% on Strength in Power and Mining Sectors
Summary
Russian stocks closed higher on Friday, with the benchmark MOEX index gaining ground despite a drop in global crude oil prices. The power and mining sectors led the advance, while the ruble strengthened against the dollar and euro.
Russian stocks advanced at the close of trading on Friday, with the benchmark MOEX Russia Index climbing 0.71%. The gains were driven by strong performances in the power, mining, and oil & gas sectors, according to market data from Investing.com.
Session Highlights
The market rally showed significant breadth, as 216 stocks on the Moscow Stock Exchange rose while only 27 declined, with 10 ending the session unchanged. The power sector was a notable source of strength for the index.
Top-performing stocks on the MOEX included:
- ROSSETI PJSC (FEES): +9.90%
- Unipro PJSC (UPRO): +7.75%
- Moskovskaya Birzha PJSC (MOEX): +6.52%
AdAmong the laggards, e-commerce firm OZON (OZON) fell 2.90%, touching a 52-week low. The Russian Volatility Index (RVI), which measures implied volatility in MOEX options, fell 2.66% to 47.87, indicating calmer expectations among traders.
Currency and Commodity Markets
The Russian ruble strengthened against major international currencies. The USD/RUB pair declined 1.74% to 76.93, while the EUR/RUB fell 0.89% to 88.27.
The advance in Russian equities occurred despite a downturn in global energy prices. September Brent crude futures fell 2.33% to trade at $98.34 a barrel, while West Texas Intermediate (WTI) crude for September delivery dropped 1.30% to $85.88 a barrel. Gold futures for August delivery saw a modest gain of 0.14%.
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