Story
MOEX Russia Index Jumps 3.46% on Strength in Mining and Energy Stocks
Summary
Russia's primary stock index closed significantly higher on Tuesday, driven by a broad-based rally in the mining, power, and oil & gas sectors. Gold miner Polyus and diamond producer Alrosa were among the top performers.
Russia's main stock benchmark, the MOEX Russia Index, posted a significant gain on Tuesday, closing up 3.46% as strength in commodity-linked sectors propelled the market higher. The advance was broad, reflecting positive sentiment across key industries.
Broad-Based Rally Led by Miners
The rally was supported by strong market breadth, with advancing stocks outnumbering decliners on the Moscow Stock Exchange by a wide margin of 207 to 37, while 9 stocks ended unchanged, according to data from Investing.com. The mining, power, and oil & gas sectors were the primary drivers of the gains.
Among the session's top individual performers were major commodity producers:
- Polyus PJSC (MCX:PLZL): +13.44%
- AK ALROSA PJSC (MCX:ALRS): +11.43%
- Magnit PJSC (MCX:MGNT): +6.64%
AdIn contrast, some technology and energy names lagged the broader market. The worst performers included VK Company Ltd (MCX:VKCO), which fell 1.64%, and oil giant Rosneanut PJSC (MCX:ROSN), which declined 0.97%.
Commodity Strength and Easing Volatility
The gains in Moscow coincided with a positive session for key commodities. Crude oil for September delivery rose 2.50% to $84.54 a barrel, while the Brent oil contract for September also edged higher. Gold futures for August delivery were also reportedly up.
Investor sentiment appeared to improve, as reflected by the Russian Volatility Index (RVI). The index, which measures the implied volatility of MOEX options, fell 3.84% to 51.06, suggesting reduced expectations of near-term price swings. In currency markets, the USD/RUB and EUR/RUB pairs were reported as unchanged.
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