MOEX Russia Index Jumps 1.77% as Energy Stocks Surge

Russia's benchmark MOEX Index surged 1.77% to close higher on Thursday, driven by a powerful rally in the country's dominant energy sector as global oil prices advanced.

Energy Heavyweights Lead Gains

The advance was led by strong performance in the Oil & Gas, Power, and Mining sectors, according to data from the Moscow Exchange. Shares of state-controlled energy giants were the session's top performers, directly benefiting from a sharp increase in commodity prices.

Key movers on the index included:

• Rosneft PJSC (ROSN): +7.43%
• NOVATEK PJSC (NVTK): +6.61%
• Gazprom PJSC (GAZP): +5.36%

The rally in these energy-linked equities coincided with a significant jump in crude oil prices. West Texas Intermediate (WTI) crude for October delivery soared 8.20% to settle at $103.93 a barrel.

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Market Breadth and Volatility

Market sentiment was broadly positive, with rising stocks outnumbering declining ones on the Moscow Stock Exchange by 176 to 64, while 15 issues ended unchanged. The positive close came despite some notable decliners, including mining giant GMK Noril'skiy Nikel' (GMKN), which fell 1.65%.

In a sign of calming investor sentiment, the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, fell 1.96% to 35.97. A lower RVI reading typically suggests traders anticipate smaller price swings in the near term.

Currency and Commodity Snapshot

Elsewhere in the markets, precious metals moved lower, with Gold Futures for December delivery falling 2.29%. In foreign exchange markets, the Russian ruble held steady against major currencies, with both the USD/RUB and EUR/RUB pairs reported as unchanged at the close of trading.