Russian Stocks Decline as Mining and Energy Sectors Weigh on MOEX Index

Russian equities finished lower on Tuesday as weakness in the country's key industrial sectors pulled the broader market down. The benchmark MOEX Russia Index fell 0.92% by the close of trading in Moscow, according to market data.

Sector and Market Breadth

The decline was led by broad-based losses in the Oil & Gas, Mining, and Power industries. Market breadth was decidedly negative, with falling stocks outnumbering advancing ones on the Moscow Stock Exchange by a margin of 169 to 69, while 17 stocks ended the session unchanged.

Reflecting the day's equity performance, the Russian Volatility Index (RVI), which measures the implied volatility of MOEX options, decreased by 0.63% to 36.03.

Top Movers

Several major industrial companies were among the session's worst performers, highlighting the pressure on the materials sector.

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• PhosAgro PJSC (MCX:PHOR), a major fertilizer producer, fell 3.83%.
• Magnitogorskiy Metallurgicheskiy Kombinat PAO (MCX:MAGN), a steel company, declined 3.81%.
• Novolipetsk Steel (MCX:NLMK) also finished lower, down 2.42%.

Bucking the downward trend were a few notable gainers, including telecom giant Mobil’nye Telesistemy PJSC (MCX:MTSS), which rose 2.54%, and energy firm Gazprom PJSC (MCX:GAZP), which edged up 0.04%.

Commodities and Currency Context

The drop in Russian energy stocks occurred even as crude oil prices advanced. West Texas Intermediate (WTI) crude futures for October delivery rose 4.03% to $105.48 a barrel, while the November Brent contract saw a modest gain. Gold futures for December delivery, however, were down 0.43%.

In the currency markets, the Russian ruble remained stable against major currencies, with the USD/RUB and EUR/RUB pairs listed as unchanged at 84.20 and 97.17, respectively. The US Dollar Index Futures, which measures the greenback against a basket of currencies, was up 0.27%.