Stock Markets March 31, 2026

MOEX Russia Index Falls to One-Month Low as Energy, Mining and Manufacturing Drag Markets

Russian equities close lower with mixed commodity moves and muted FX shifts

By Nina Shah
MOEX Russia Index Falls to One-Month Low as Energy, Mining and Manufacturing Drag Markets

Russian stocks ended lower after the close on Tuesday, with the MOEX Russia Index dropping 0.84% to a new one-month low. Losses originated in the Oil & Gas, Mining and Manufacturing sectors. Market breadth was negative, implied volatility eased, and commodities showed mixed performance as gold rallied and crude futures diverged.

Key Points

  • MOEX Russia Index closed down 0.84%, hitting a new one-month low.
  • Sector pressure came from Oil & Gas, Mining and Manufacturing; market breadth was negative with 145 decliners versus 94 advancers.
  • Commodities were mixed: June gold futures rose sharply while crude oil futures diverged between contracts; implied volatility as measured by the RVI fell to 22.29.

Stocks listed in Moscow closed the Tuesday session lower, weighed by declines in the Oil & Gas, Mining and Manufacturing sectors that pushed overall indices down.

At the close in Moscow, the MOEX Russia Index fell 0.84% and recorded a new one-month low.

Session leaders and laggards

  • ROSSETI PJSC (MCX:FEES) was recorded among the top performers on the MOEX Russia Index, showing unchanged at 0.07 with a 6.41% notation and a 0.00 point change at the close.
  • Bank VTB PJSC (MCX:VTBR) rose 3.18%, gaining 2.65 points to finish at 86.04.
  • PhosAgro PJSC (MCX:PHOR) advanced 1.70%, up 125.00 points to 7,471.00 in late trade.
  • NOVATEK PJSC (MCX:NVTK) was the session's biggest decliner, slipping 2.89% or 38.00 points to close at 1,276.40.
  • TATNEFT n.a. V.D. Shashin Pref (MCX:TATN_p) dropped 2.79%, down 17.10 points to end at 595.90.
  • Rosneft PJSC (MCX:ROSN) lost 2.78%, a decline of 13.80 points to 481.75.

On the Moscow Stock Exchange, falling stocks outnumbered advancing ones by 145 to 94, while 12 issues finished unchanged, indicating a broadly negative breadth for the session.

Volatility and commodities

The Russian Volatility Index - RVI, which measures the implied volatility of MOEX Russia Index options, moved lower, falling 8.20% to 22.29.

Commodities were mixed in the session. Gold futures for June delivery climbed 3.11%, up 141.75, to $4,699.25 a troy ounce. In crude markets, the May contract fell 1.28%, down $1.32 to $101.56 a barrel, while the June Brent contract rose 0.45%, gaining $0.46 to trade at $103.73 a barrel.

FX and broader markets

FX moves were minimal in Moscow trading. USD/RUB was unchanged at 81.31 and EUR/RUB was unchanged at 93.95. The US Dollar Index futures traded lower, down 0.66% at 99.70.


These figures reflect the close of trading on Tuesday in Moscow, with markets showing sector-led weakness and a mix of signals from commodity and volatility indicators.

Risks

  • Sector concentration in Oil & Gas, Mining and Manufacturing contributed to the session's declines, indicating exposure in these areas during the current trading period.
  • Divergent commodity moves - with crude futures down while Brent edged higher and gold up materially - create uncertainty for resource-linked equities and related market segments.
  • Shifts in implied volatility, evidenced by an 8.20% decline in the RVI to 22.29, reflect changing option market sentiment that may affect price discovery and market liquidity.

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