MOEX Russia Index Slips 0.34% on Weakness in Power and Mining Stocks

Russian stocks finished lower at the close of trading on Wednesday, as weakness in key industrial sectors pulled the benchmark index into negative territory. The MOEX Russia Index declined by 0.34%, according to data from the Moscow Stock Exchange.

Sector Divergence

The day's losses were primarily driven by underperformance in the Power, Mining, and Manufacturing sectors. Despite the headline index decline, market breadth was positive, with 158 stocks advancing compared to 80 decliners, while 17 remained unchanged. This suggests the downturn was concentrated in more heavily weighted index components.

In a sign of easing market tension, the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, fell sharply by 9.52% to settle at 41.52.

Notable Movers

Several major companies bucked the downward trend, posting significant gains. Key performers included:

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• Federal Hydro Generating Company RusHydro (HYDR): rose 3.70%
• Norilsk Nickel (GMKN): added 2.91%
• Novolipetsk Steel (NLMK): was up 2.80%

Among the laggards weighing on the index were power utility ROSSETI (FEES), which fell 1.63%, and Credit Bank of Moscow (CBOM), which declined 1.06%.

Commodities and Currencies

In commodities markets, Crude oil prices saw modest gains, with WTI futures for October delivery rising 0.45% to $90.63 a barrel. Gold futures for December delivery also climbed 0.86%. In currency markets, the USD/RUB and EUR/RUB pairs were reported as unchanged at 87.65 and 101.06, respectively, at the time of the market close.