Russia's equity market finished lower on Tuesday, with the MOEX Russia Index retreating 1.19% at the close in Moscow. Losses were concentrated in the Oil & Gas, Manufacturing and Telecoms sectors, which pressured the benchmark through the session.
Among constituents, OK Rusal MKPAO (MCX:RUAL) was the top performer on the index, rising 3.15% - an increase of 1.36 points - to finish at 44.42. Federal Hydro Generating Company RusHydro PJSC (MCX:HYDR) gained 3.05% - up 0.01 points - to close at 0.46, while Polyus PJSC (MCX:PLZL) added 2.59%, a 62.20-point rise that took the share price to 2,464.40 by late trade.
On the downside, TATNEFT n.a. V.D. Shashin (MCX:TATN) was the weakest name, falling 1.79% or 11.60 points to end the session at 635.00. Aeroflot PJSC (MCX:AFLT) slipped 1.64% - a decline of 0.86 points - to 51.71, and AFK Sistema PJSC (MCX:AFKS) was down 1.55% or 0.21 points to 13.49.
Despite the index decline, advancing issues outnumbered decliners on the Moscow Stock Exchange, with 144 stocks rising, 95 falling and 13 finishing unchanged. OK Rusal MKPAO (MCX:RUAL) also reached a 52-week high during the session, closing up 3.15% or 1.36 points at 44.42.
The Russian Volatility Index - RVI, which measures the implied volatility of options on the MOEX Russia Index, moved lower by 1.55% to 24.19, indicating a reduction in implied market turbulence over the options complex.
Commodity markets saw mixed moves. Gold Futures for April delivery climbed 1.86% - up 95.00 - to $5,198.70 a troy ounce. Energy contracts diverged: crude oil for April delivery fell sharply, down 8.84% or 8.38 to $86.39 a barrel, while the May Brent contract inched higher by 0.09% or 0.08 to trade at $91.13 a barrel.
In currency trading related to the Russian market, USD/RUB was unchanged at 79.21 and EUR/RUB was unchanged at 91.80. Broader US dollar measures showed the US Dollar Index Futures down 0.26% at 98.91.
Market context and implications
The session was marked by sector-specific pressure rather than a uniform sell-off. Oil & Gas, Manufacturing and Telecoms were the primary drivers of the index decline, while select metals and utility names delivered gains. Volatility as measured by the RVI softened modestly, even as commodity prices, particularly crude oil, exhibited notable movement.