Stock Markets March 31, 2026 05:20 PM

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

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.

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

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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