Stock Markets April 24, 2026 05:20 PM

Moscow Market Retreats as Energy and Mining Weigh on MOEX

MOEX Russia Index closes down 1.27% as major miners and oil-linked names slide

By Marcus Reed ALRS
Moscow Market Retreats as Energy and Mining Weigh on MOEX
ALRS

Russia's share market ended Friday's session lower, with losses concentrated in Mining, Oil & Gas and Power stocks. The MOEX Russia Index declined 1.27% at the Moscow close, while market breadth favored decliners and volatility edged higher. Commodity and FX moves accompanied the equity downturn, with crude prices mixed and the ruble strengthening versus the dollar and euro.

Key Points

  • MOEX Russia Index closed down 1.27% on the session, with losses concentrated in Mining, Oil & Gas and Power sectors.
  • Market breadth was negative: 207 decliners, 32 advancers and 12 unchanged; several large-cap names hit multi-period lows.
  • Volatility rose modestly with the Russian Volatility Index up 2.34% to 22.31; commodity and FX moves accompanied the equity decline.

Russia's equity market finished the trading day in negative territory on Friday, driven by declines in mining, oil and gas and power segments. At the close in Moscow, the MOEX Russia Index was down 1.27%.

Among individual movers, Bank VTB PJSC (MCX:VTBR) was one of the session's brighter spots, rising 0.28% or 0.27 points to finish at 94.29. Polyus PJSC (MCX:PLZL) also advanced, adding 0.08% or 1.80 points to end at 2,289.80. GDR ROS AGRO PLC ORD SHS (MCX:AGRODR) was unchanged at 1,083.80, recording a 0.00% move in late trade.

At the other end of the tape, AK ALROSA PJSC (MCX:ALRS) led declines, slipping 3.85% or 1.20 points to close at 29.96. AFK Sistema PJSC (MCX:AFKS) fell 3.31% or 0.41 points to 11.94, and VK Company Ltd (MCX:VKCO) dropped 3.23% or 8.75 points to 262.10.

Market breadth on the Moscow Stock Exchange showed a clear skew toward losers: 207 stocks declined, 32 advanced and 12 finished unchanged.

Certain individual stocks moved to fresh lows during the session. Shares of AK ALROSA PJSC fell to five-year lows, closing at 29.96 after the 3.85% decline. AFK Sistema PJSC’s shares declined to 52-week lows, finishing at 11.94 following the 3.31% drop. GDR ROS AGRO PLC ORD SHS remained unchanged at 1,083.80, a 52-week low level at the close.

Volatility also ticked up: the Russian Volatility Index - RVI, which tracks implied volatility of options on the MOEX Russia Index, rose 2.34% to 22.31.

Commodity markets showed mixed signals during the session. Gold futures for June delivery inched higher by 0.03% or 1.40 to trade at 4,725.40 a troy ounce. In oil markets, the June contract for U.S. crude fell 1.01% or 0.97 to $94.88 a barrel, while the June Brent contract rose 0.79% or 0.83 to $105.90 a barrel.

Currency moves accompanied the equity weakness. The USD/RUB rate declined 0.57% to 75.44, while EUR/RUB fell 0.51% to 88.19. The U.S. Dollar Index Futures was lower by 0.25% at 98.36.


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Risks

  • Sector concentration risk - continued weakness in Mining, Oil & Gas and Power could exert further pressure on the MOEX Russia Index and related stocks.
  • Heightened equity volatility - the increase in the RVI indicates rising option-implied uncertainty, which can affect trading conditions and risk premia for market participants.
  • Commodity and currency sensitivity - moves in crude oil and the ruble may influence revenues, margins and investor sentiment for energy-linked firms and exporters.

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