Stock Markets June 12, 2026 05:20 PM

MOEX slips to six-month low as mining, power and oil & gas drag Russian stocks

Index closes lower amid sector losses; gold jumps while crude drops and the ruble weakens

By Hana Yamamoto
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Russian equities closed lower on Friday, with the MOEX Russia Index falling 0.22% to register a six-month low. Losses were led by the Mining, Power and Oil & Gas sectors, even as several large-cap names posted gains. Market breadth showed more advancers than decliners, the Russian Volatility Index eased, gold futures rose sharply and crude oil benchmarks fell.

MOEX slips to six-month low as mining, power and oil & gas drag Russian stocks
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Key Points

  • MOEX Russia Index closed down 0.22%, reaching a six-month low, driven by losses in Mining, Power and Oil & Gas sectors.
  • Several large-cap names outperformed, including AFKS (+1.35%), AFLT (+1.30%) and PLZL (+1.00%), while PIKK (-2.32%) and TATN shares declined.
  • Commodities diverged: gold futures rose 3.06% to $4,239.75/oz, while Brent and US crude fell about 4%, coinciding with ruble weakening against the dollar and euro.

Russian shares ended the trading day lower on Friday as sector-specific declines outweighed gains in select large-cap names. At the close in Moscow the MOEX Russia Index fell 0.22%, marking a new six-month low for the benchmark.

The session's top performers on the MOEX Russia Index included AFK Sistema PJSC (MCX:AFKS), which advanced 1.35% to finish at 13.28. Aeroflot PJSC (MCX:AFLT) rose 1.30% to close at 43.71, while Polyus PJSC (MCX:PLZL) gained 1.00% to end the session at 2,015.00.

On the downside, PIK SHb PJSC (MCX:PIKK) led declines after slipping 2.32% to 581.20 at the close. TATNEFT n.a. V.D. Shashin (MCX:TATN) lost 0.80%, finishing at 591.60, and TATNEFT n.a. V.D. Shashin Pref (MCX:TATN_p) was down 0.75% to 554.20.

Market breadth on the Moscow Stock Exchange showed 131 stocks advancing, 90 declining, and 18 unchanged, indicating more names rose than fell despite the headline index retreat.

The Russian Volatility Index - RVI, which tracks implied volatility for options on the MOEX Russia Index, declined 4.02% to 26.71 by the close.

Commodities moved unevenly during the session. Gold futures for August delivery climbed 3.06%, rising $125.75 to $4,239.75 a troy ounce. In contrast, crude oil weakened: July delivery crude fell 3.97% to $84.23 a barrel, while the August Brent contract slipped 4.03% to $86.74 a barrel.

Currency moves included a 0.49% rise in USD/RUB to 72.60 and a 0.27% increase in EUR/RUB to 83.87. The US Dollar Index Futures traded down 0.05% at 99.80.


Data points and price moves cited above reflect the closing values and percentage changes recorded in Moscow trading on the reporting day.

Risks

  • Sector concentration of declines - Mining, Power and Oil & Gas led losses, exposing these sectors to further downside pressure if negative momentum continues.
  • Volatility and market sentiment - Even with the RVI down 4.02% to 26.71, the MOEX index reached a six-month low, indicating potential uncertainty in market direction.
  • Commodity price swings - A near 4% drop in crude oil benchmarks could weigh on energy-related equities, while sharp gains in gold reflect divergent commodity moves that may influence sector performance.

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