Russia's stock market closed lower on Tuesday, with the MOEX Russia Index finishing the session down 0.42% in Moscow trade. Losses in Telecoms, Mining and Power sectors contributed to the retreat in equities.
Among individual movers, TATNEFT n.a. V.D. Shashin (MCX:TATN) was the top performer on the index, advancing 2.13% or 12.90 points to end at 619.70. Rosneft PJSC (MCX:ROSN) also rose, adding 1.74% or 7.60 points to finish at 443.40. The preferred shares of TATNEFT n.a. V.D. Shashin (MCX:TATN_p) gained 1.70% or 9.70 points, closing at 581.80.
On the downside, Moskovskiy Kreditnyi Bank PAO (MCX:CBOM) led declines after sliding 4.61% or 0.27 points to 5.58 at the close. The bank's shares fell to three-year lows during the session. Surgutneftegas PJSC Pref (MCX:SNGS_p) dropped 3.07% or 1.44 points to end at 45.46, while Rostelekom PJSC (MCX:RTKM) declined 3.03% or 1.92 points to close at 61.51.
Market breadth favored decliners on the Moscow Stock Exchange: 183 stocks lost ground, 62 advanced and 8 finished unchanged.
Volatility and macro-related instruments
The Russian Volatility Index - RVI, which reflects implied volatility of options on the MOEX Russia Index, fell 2.73% to 23.50, marking a new one-month low for the gauge.
Commodities showed mixed moves in the session. Gold Futures for April delivery declined 3.88% or 206.25 to $5,105.35 a troy ounce. By contrast, oil strengthened: crude oil for April delivery rose 4.69% or 3.34 to $74.57 a barrel, and the May Brent contract climbed 5.07% or 3.94 to trade at $81.68 a barrel.
In currency markets, USD/RUB traded higher by 0.23% at 77.65, while EUR/RUB slipped 0.39% to 90.19. The US Dollar Index Futures was trading up 0.65% at 98.98.
Takeaway
The session was characterized by selective strength among energy-related names that contrasted with broader weakness in telecoms, mining and power sectors. The decline in the RVI suggests implied volatility eased even as a larger number of Moscow-listed stocks moved lower. Commodities were a notable influence, with oil climbing and gold recording a substantial drop, while the ruble moved modestly against the dollar and euro.