Russian equities closed higher in Moscow on Wednesday, with the MOEX Russia Index finishing the day up 1.46%.
Energy-related names were among the session leaders. TATNEFT n.a. V.D. Shashin Pref (MCX:TATN_p) outperformed, rising 6.33% or 27.80 points to close at 466.80. The ordinary shares of TATNEFT n.a. V.D. Shashin (MCX:TATN) gained 6.12% or 28.40 points to finish at 492.40. Rosneft PJSC (MCX:ROSN) also advanced, up 5.63% or 17.50 points to 328.30 in late trade.
Not all sectors participated in the rally. The session's largest decline came from Polyus PJSC (MCX:PLZL), which plunged 26.14% or 477.80 points to close at 1,350.20. GMK Noril’skiy Nikel’ PAO (MCX:GMKN) dropped 5.59% or 6.70 points to end the day at 112.50, and United Company Rusal IPJSC (MCX:RUAL) fell 5.19% or 1.32 points to 24.03.
On breadth measures, rising issues narrowly outnumbered decliners on the Moscow Stock Exchange, with 123 stocks higher versus 116 lower and 12 unchanged at the close.
Two companies reached multi-year troughs during the session. Shares of Polyus reached 5-year lows as they slid to 1,350.20, a fall of 26.14% or 477.80 points. United Company Rusal also dipped to 5-year lows, declining 5.19% or 1.32 points to 24.03.
Volatility, as expressed by the Russian Volatility Index - RVI, moved lower, easing 2.22% to 42.21, signaling a modest reduction in implied option volatility on the MOEX Russia Index.
Commodity markets showed a mixed picture. Gold futures for August delivery fell 1.70% or 70.85 to $4,086.55 a troy ounce. By contrast, crude oil strengthened: the August contract gained 6.13% or 4.32 to reach $74.76 a barrel, while the September Brent contract ticked up 0.18% or 0.14 to trade at $79.40 a barrel.
Foreign exchange metrics were broadly unchanged in ruble pairs reported. USD/RUB was flat at 76.80 (0.00% change), and EUR/RUB was also unchanged at 87.68 (0.00% change). The US Dollar Index Futures was up 0.08% at 100.86 at the time noted.
In summary, the session closed with energy names and select manufacturing stocks powering the benchmark higher, while some large-cap miners and aluminum producers experienced substantial declines. Volatility eased modestly and oil prices outperformed, contrasting with weakness in gold.
Market movers
- TATN_p, TATN and ROSN: significant percentage and point gains, lifting energy exposure.
- PLZL, GMKN and RUAL: heavy declines, with Polyus and Rusal touching 5-year lows.
- RVI: implied volatility fell 2.22% to 42.21, reflecting calmer option pricing.
Commodities and FX
- Gold (August): down 1.70% to $4,086.55 per troy ounce.
- Crude oil (August): up 6.13% to $74.76 per barrel; Brent September up to $79.40.
- USD/RUB and EUR/RUB: both unchanged at 76.80 and 87.68 respectively.