Russian stocks ended lower on Wednesday as declines in the telecoms, mining, and oil & gas sectors weighed on the market. The MOEX Russia Index closed down 0.55%, reflecting investor concerns over economic uncertainty and sector-specific weaknesses.
Market Performance Overview
At the close of trading on the Moscow Exchange, the MOEX Russia Index saw a decline of 0.55%. The downward trend was primarily driven by losses in key sectors, including mining and oil & gas, which have been impacted by fluctuating commodity prices and geopolitical factors.
Top Performers of the Session
Among the few stocks that remained steady was Polyus PJSC (MCX**:PLZL****)**, which closed unchanged at 19,017.00. Similarly, **GDR ROS AGRO PLC ORD SHS (MCX:AGRODR****)** remained flat at 1,083.80. However, TATNEFT n.a. V.D. Shashin Pref (MCX**:TATN_p****)** experienced a slight drop of 0.52%, closing at 651.80.
Worst Performers Dragging the Index Lower
The biggest losers of the session included Unipro PJSC (MCX**:UPRO****)**, which fell by 3.51% to 1.92. **Novolipetsk Steel (MCX:NLMK****)** saw a similar decline, dropping 3.51% to 149.04, while MMC Norilsk Nickel PJSC (MCX**:GMKN****)** slid by 2.92%, closing at 125.80.
In total, declining stocks outnumbered advancing ones by a significant margin, with 186 stocks falling, only 54 gaining, and 12 remaining unchanged on the Moscow Exchange.
Volatility Index and Market Sentiment
The Russian Volatility Index (RVI), which measures market volatility based on MOEX Russia Index options, increased by 0.53%, reaching 41.97, a new one-month low. This suggests that market uncertainty remains elevated, as investors respond to economic pressures and fluctuating commodity prices.
Commodity Market Movements
In the commodities market, gold futures for June delivery saw a slight increase of 0.07%, adding $2.00 to settle at $3,056.30 per troy ounce. Meanwhile, crude oil for May delivery climbed 1.36% to $69.94 per barrel, whereas the June Brent crude contract experienced a minor decline of 0.05% to $73.31 per barrel.
Currency Market Update
The Russian ruble saw minimal movement against major currencies:
- USD/RUB edged up 0.06% to 84.12.
- EUR/RUB remained unchanged at 90.40.
- The US Dollar Index Futures climbed 0.36% to 104.20, indicating strength in the U.S. dollar against a basket of currencies.
Investor Outlook and Market Trends
The ongoing market fluctuations indicate caution among investors, particularly in key sectors like mining and oil & gas. With volatility on the rise and geopolitical tensions impacting market sentiment, traders are keeping a close eye on future economic developments.
