MOEX Russia Index Tumbles 2.13% to Hit Three-Year Low

Russia's benchmark stock index tumbled on Friday, closing at its lowest point in three years as heavy losses in the nation's core mining and energy sectors weighed on investor sentiment.

The MOEX Russia Index finished the session down 2.13%, according to data from the Moscow Stock Exchange. The decline reflected broad-based weakness across the market.

Widespread Sector Declines

The sell-off was led by significant downturns in the Mining, Oil & Gas, and Power industries. Market sentiment was overwhelmingly negative, with falling stocks outnumbering advancing ones by a margin of 175 to 65, while 10 issues ended the day unchanged.

Investor uncertainty appeared to be on the rise, as the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, climbed 1.05% to 46.01, a new six-month high.

Notable Stock Movers

Several major Russian companies experienced sharp declines, with some hitting historic lows. Key decliners included:

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• Polyus PJSC (PLZL): The gold miner was the worst performer of the session, plummeting 10.79% to reach a five-year low.
• AK ALROSA PJSC (ALRS): The diamond producer's shares fell 3.23% to an all-time low.
• RusHydro PJSC (HYDR): The hydropower company saw its stock drop 2.76%, also hitting a five-year low.

A few companies managed to post modest gains against the market trend. Severstal PJSC (CHMF) rose 1.00%, PIK SHb PJSC (PIKK) added 0.72%, and Magnit PJSC (MGNT) was up 0.28%.

Currency and Commodity Markets

The Russian ruble also weakened against major currencies amid the equity market downturn. The USD/RUB exchange rate rose 1.52% to 77.31, while the EUR/RUB increased by 0.96% to 87.87.

In commodities, Brent crude oil for September delivery fell 0.38% to $76.01 a barrel, and August gold futures declined 0.29% to $4,128.90 a troy ounce.