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MOEX Russia Index Gains 1.27% on Rally in Energy and Mining Stocks
Russian equities finished the trading session higher on Thursday, with the benchmark MOEX Russia Index gaining 1.27%. The advance was driven by broad strength in the country's key commodity-linked sectors, including Oil & Gas, Power, and Mining.
Sector and Stock Performance
The rally was reflected in the performance of several major companies. Conglomerate AFK Sistema PJSC (AFKS) was a standout performer, with its shares surging 8.75%. Other notable gainers included:
- Novolipetsk Steel (NLMK), which rose 5.01%.
- Oil producer TATNEFT (TATN), which added 4.88%.
Market breadth was positive on the Moscow Stock Exchange, as 180 stocks advanced while 67 declined. However, not all sectors participated in the rally. E-commerce firm OZON (OZON) saw its shares fall 0.84% to a three-year low, and Moskovskiy Kreditnyi Bank (CBOM) shares declined by 1.69%.
AdMarket Backdrop
The positive sentiment in resource stocks coincided with moves in the energy markets. Brent crude futures, a key benchmark for Russia's oil exports, rose 1.76% to trade at $88.47 a barrel, providing a tailwind for the sector.
Meanwhile, market volatility appeared to ease. The Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, fell 1.84% to 49.69. In the foreign exchange market, the ruble held steady, with the USD/RUB and EUR/RUB pairs showing no significant change at the close of trade, according to data from Investing.com.
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