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Stock Markets March 19, 2026

Moscow Market Ends Slightly Lower as Mining, Telecoms and Power Weigh on Index

MOEX Russia Index slips 0.09% as select miners and utilities decline; PhosAgro climbs to three-year highs

By Caleb Monroe
Moscow Market Ends Slightly Lower as Mining, Telecoms and Power Weigh on Index

Russia's equity market closed modestly lower on Thursday, with the MOEX Russia Index falling 0.09% as losses in the Mining, Telecoms and Power sectors pressured the market. Market breadth favored decliners, while individual movers included PhosAgro reaching a three-year peak and notable drops in aluminium and telecom-related stocks. Volatility eased and key commodity and FX benchmarks moved unevenly during the session.

Key Points

  • MOEX Russia Index closed down 0.09% as losses in Mining, Telecoms and Power weighed on the market.
  • PhosAgro (MCX:PHOR) rose 2.43% to 7,766.00, reaching a three-year high; TATNEFT pref and ordinary shares also advanced.
  • Market breadth favored decliners (155 losers, 89 gainers, 8 unchanged); volatility as measured by the RVI fell 3.76% to 25.59.

Russia's stock market finished the trading session on Thursday with a modest loss, driven by weakness in the Mining, Telecoms and Power sectors. At the close in Moscow, the MOEX Russia Index declined 0.09%.

Among the best-performing shares on the index was PhosAgro PJSC (MCX:PHOR), which advanced 2.43% - a gain of 184.00 points - to finish at 7,766.00, a level noted as a three-year high. TATNEFT n.a. V.D. Shashin Pref (MCX:TATN_p) and TATNEFT n.a. V.D. Shashin (MCX:TATN) were also among the session's winners, rising 1.42% (up 8.40 points to 602.00) and 1.29% (up 8.30 points to 653.20), respectively.

On the downside, OK Rusal MKPAO (MCX:RUAL) led declines after falling 2.94% - a drop of 1.26 points - to trade at 41.80 at the close. VK Company Ltd (MCX:VKCO) fell 2.40%, down 7.25 points to 294.80, while ROSSETI PJSC (MCX:FEES) recorded a decline of 2.39% to 0.07, noted in the session data as a 0.00 point change.

Market breadth on the Moscow Stock Exchange showed more falling issues than advancing ones, with 155 stocks declining compared with 89 gaining. Eight stocks finished unchanged.

The Russian Volatility Index - RVI, which measures the implied volatility of MOEX Russia Index options, eased during the session, falling 3.76% to 25.59.

Commodity markets displayed mixed moves. Gold Futures for April delivery declined 4.99% - down 244.30 - to $4,651.90 a troy ounce. In energy markets, crude oil for May delivery slipped 0.91% (down 0.87) to $94.59 a barrel, while the May Brent oil contract edged down 0.11% (down 0.12) to $107.67 a barrel.

Currency pairs tied to the rouble were reported unchanged on the session: USD/RUB was flat at 86.39, and EUR/RUB was unchanged at 99.81. The US Dollar Index Futures moved lower as well, down 0.84% at 99.03.

Session data highlighted differentiated performance across sectors and asset classes, with select resource and energy names moving independently of headline index performance. The session concluded with the MOEX Russia Index modestly lower, mixed commodity outcomes and a lower volatility reading from the RVI.

Risks

  • Declines in key sectors - Mining, Telecoms and Power - may continue to exert pressure on index performance and related sector stocks.
  • Movements in commodities such as gold and crude oil, which showed notable changes during the session, introduce price uncertainty for resource and energy companies.
  • Concentration of losers relative to advancers on the Moscow Stock Exchange signals potential near-term market weakness or sector-specific stress.

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