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Stock Markets February 5, 2026

Moscow stocks slip as miners, power and telecoms weigh on MOEX

MOEX Russia Index falls 1.55% as commodity prices and select blue-chips move lower

By Priya Menon
Moscow stocks slip as miners, power and telecoms weigh on MOEX

Russian equities closed lower on Thursday, with losses concentrated in the Mining, Power and Telecoms sectors. The MOEX Russia Index ended down 1.55% as a larger number of issues declined than advanced. Key commodity contracts also moved lower and benchmark FX rates were mixed at the close of trading.

Key Points

  • The MOEX Russia Index closed down 1.55% as Mining, Power and Telecoms stocks led losses.
  • Market breadth skewed negative with 194 declining issues versus 49 advancing and 10 unchanged, indicating broad weakness across the exchange.
  • Commodity contracts moved lower - gold and both WTI and Brent crude settled down - while USD/RUB was unchanged and EUR/RUB declined slightly.

Market close

Russia's stock market finished the trading session lower on Thursday, pushed down by weakness in the Mining, Power and Telecoms sectors. At the close in Moscow the MOEX Russia Index fell 1.55%.

Top and bottom movers

The best performers on the MOEX Russia Index included Rostelekom PJSC (MCX:RTKM), which rose 1.04% or 0.68 points to trade at 66.11 at the close. VK Company Ltd (MCX:VKCO) gained 0.94% or 2.90 points to finish at 312.50, while PIK SHb PJSC (MCX:PIKK) was up 0.15% or 0.70 points to 468.10 in late trade.

On the downside, MMC NORILSK NICKEL PJSC (MCX:GMKN) led losses, falling 3.20% or 5.10 points to trade at 153.00 at the close. Polyus PJSC (MCX:PLZL) declined 2.74% or 73.20 points to end at 2,601.60, and AFK Sistema PJSC (MCX:AFKS) was down 2.46% or 0.34 points to 13.27.

Breadth and volatility

Decliners outnumbered advancers on the Moscow Stock Exchange by 194 to 49, with 10 stocks ending unchanged. The Russian Volatility Index - RVI, which measures the implied volatility of MOEX Russia Index options, eased 1.70% to 27.14.

Commodities and energy

Precious metals and oil contracts were lower in the session. Gold Futures for April delivery fell 2.51% or 124.24 to $4,826.56 a troy ounce. In energy markets, crude oil for delivery in March lost 3.09% or 2.01 to hit $63.13 a barrel, while the April Brent oil contract slipped 2.99% or 2.08 to trade at $67.38 a barrel.

Foreign exchange and benchmark moves

FX rates showed mixed movement at the close. USD/RUB was unchanged at 76.75, while EUR/RUB fell 0.19% to 90.44. The US Dollar Index Futures was up 0.35% at 97.84.

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Risks

  • Falling commodity prices present downside pressure on Mining sector equities, as reflected in notable losses among miners.
  • Widening market volatility could affect sector performance and investor positioning, as implied by moves in the RVI.
  • Currency shifts, particularly in EUR/RUB and USD/RUB, may influence export-driven sectors and dollar-denominated inputs for companies.

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