MOEX Russia Index Hits One-Month High on Mining Sector Strength

Russia's benchmark stock index eked out a slight gain on Tuesday to close at its highest level in a month. The MOEX Russia Index added 0.06%, supported by a strong performance in the mining, power, and manufacturing sectors.

Mining and Retail Stocks Lead Gains

The advance was largely driven by a handful of key industrial and consumer-focused companies. Diamond producer AK ALROSA PJSC (ALRS) was the session's top performer, surging 4.19%. Other notable gainers included retailer Magnit PJSC (MGNT), which climbed 3.72%, and mining giant GMK Noril’skiy Nikel’ PAO (GMKN), which rose 3.05%.

Market Breadth and Volatility

Despite the headline gain, the broader market sentiment was mixed, with declining stocks outnumbering advancers on the Moscow Stock Exchange by 136 to 106, while 12 ended unchanged. The session's weakest performers included steelmaker Novolipetsk Steel (NLMK), down 1.77%, and real estate developer PIK SHb PJSC (PIKK), which fell 1.75%.

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Investor uncertainty appeared to ease, as the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, fell 2.36% to 39.30, a new one-month low.

Commodities and Currency Markets

In related markets, gold futures for December delivery saw gains, rising 1.07% to $4,134.20 a troy ounce. The energy market presented a mixed picture, with Crude oil for September delivery falling 6.47% to $75.14 a barrel, while the October Brent oil contract edged up 0.13% to $78.85 a barrel.

The Russian ruble remained stable against major currencies, with the USD/RUB and EUR/RUB pairs closing unchanged at 81.31 and 93.76, respectively.