Russia's equity market closed modestly in positive territory on Monday, with the MOEX Russia Index registering a 0.19% advance at the Moscow close. Strength in Power, Manufacturing and Oil & Gas names helped offset losses among several large-cap miners and energy names.
Among individual movers, Magnit PJSC (MCX:MGNT) posted the session's largest gain, rising 3.81% - a 122.00 point increase - to finish at 3,328.00. T Tekhnologii MKPAO (MCX:T) added 3.33%, or 112.40 points, ending the day at 3,489.40. Moskovskiy Kreditnyi Bank PAO (MCX:CBOM) also closed higher, up 1.44% or 0.09 points to 6.18.
On the downside, Polyus PJSC (MCX:PLZL) led decliners, slipping 2.66% - 67.40 points - to close at 2,466.40. Severstal PJSC (MCX:CHMF) fell 1.88% or 18.60 points to 971.00, while NOVATEK PJSC (MCX:NVTK) dropped 1.70%, a 20.30 point decline, to 1,174.60.
Market breadth on the Moscow Stock Exchange favored advancing shares, with 124 stocks closing higher versus 109 that declined; 19 issues finished unchanged.
Volatility as measured by the Russian Volatility Index - RVI - eased, falling 1.04% to 25.58. That move signaled a modest reduction in implied option volatility on the MOEX Russia Index going into the close.
Commodities trading was mixed. Gold Futures for April delivery declined 0.66%, a drop of 33.20, to $5,013.10 a troy ounce. Crude oil for April delivery rose 1.29% or $0.81 to $63.56 a barrel, while the April Brent contract increased 1.28%, or $0.87, to trade at $68.62 a barrel.
In currency markets, USD/RUB was up 0.15% at 76.76 and EUR/RUB ticked up 0.03% to 90.98. The US Dollar Index Futures gained 0.16% to 96.97.
Key takeaways
- MOEX Russia Index closed up 0.19% led by gains in Power, Manufacturing and Oil & Gas sectors.
- Top individual performers included Magnit PJSC (MCX:MGNT), T Tekhnologii MKPAO (MCX:T) and Moskovskiy Kreditnyi Bank PAO (MCX:CBOM).
- Major decliners included Polyus PJSC (MCX:PLZL), Severstal PJSC (MCX:CHMF) and NOVATEK PJSC (MCX:NVTK); breadth was positive with 124 advancers and 109 decliners.
Risks and uncertainties
- Continued weakness in heavyweight miners and energy names could pressure the index despite gains in other sectors - sectors impacted: Mining, Oil & Gas, Metals.
- Movements in commodity prices, particularly oil and gold, remain a source of volatility for Russian equities and related sectors - sectors impacted: Commodities-linked stocks and broader market sentiment.