Stock Markets January 24, 2026

MOEX finishes flat as individual Russian stocks show mixed moves

Index unchanged while key miners and energy names post small gains and losses; commodities and FX register notable moves

By Derek Hwang UPRO
MOEX finishes flat as individual Russian stocks show mixed moves
UPRO

Russian equities closed with the MOEX Russia Index effectively flat, recording an unchanged 0.00% and reaching a three-month high. Individual large-cap names diverged: some miners and metals producers ticked higher while several energy and utility stocks eased. Market breadth favored decliners, and volatility gauges held steady as commodities and currency pairs moved meaningfully.

Key Points

  • MOEX Russia Index finished the session unchanged at 0.00% and reached a new three-month high.
  • Top gainers included MMC NORILSK NICKEL (GMKN), Polyus (PLZL) and OK Rusal (RUAL); notable decliners were Unipro (UPRO), Gazprom (GAZP) and Novatek (NVTK).
  • Commodities and FX saw larger moves: gold futures, Brent and U.S. crude rose while USD/RUB and EUR/RUB fell; the RVI held steady at 25.15.

Russian equities ended the trading session with the MOEX Russia Index unchanged at 0.00%, finishing the day at a new three-month high despite a split performance among major components.

The session's top performers on the index included MMC NORILSK NICKEL PJSC (MCX:GMKN), which closed up 0.41% or 0.70 points at 166.00. Polyus PJSC (MCX:PLZL) added 0.40% or 10.80 points to finish at 2,719.80, while OK Rusal MKPAO (MCX:RUAL) rose 0.05% or 0.02 points to close at 40.62.

On the downside, Unipro PJSC (MCX:UPRO) was the session's weakest mover among the names listed, slipping 1.01% or 0.02 points to 1.57 at the close. Gazprom PJSC (MCX:GAZP) declined 0.78% or 1.00 points to end at 126.60, and NOVATEK PJSC (MCX:NVTK) lost 0.74% or 9.00 points to 1,208.00.

Market breadth on the Moscow Stock Exchange favored falling issues, with 131 stocks declining compared with 95 advancing; 21 securities finished unchanged.

MMC NORILSK NICKEL PJSC (MCX:GMKN) advanced to a 52-week high, closing up 0.41% or 0.70 at 166.00, marking the session's notable high watermark for an individual stock.

The Russian Volatility Index - RVI, which tracks implied volatility of MOEX Russia Index options, was unchanged at 0.00%, settling at 25.15.

Commodities trading showed larger relative moves. Gold futures for February delivery rose 1.35% or 66.30 to $4,979.70 a troy ounce. In oil markets, the March contract for U.S. crude climbed 2.88% or 1.71 to $61.07 a barrel, while the March Brent contract gained 2.84% or 1.82 to trade at $65.88 a barrel.

Foreign-exchange rates moved against the ruble in parts of the session: USD/RUB fell 0.66% to 75.50 and EUR/RUB declined 0.05% to 89.30. The US Dollar Index Futures finished the session lower as well, down 0.78% at 97.40.


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Risks

  • Market breadth favored declining stocks, with 131 losers versus 95 gainers and 21 unchanged - indicating uneven participation across sectors.
  • Price moves in commodities and currency pairs were material; shifts in oil and FX could affect energy and export-oriented firms.
  • Despite the index finishing flat, individual large caps moved in both directions, creating potential idiosyncratic risk for stock-specific positions.

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