Stock Markets January 30, 2026

MOEX Russia slips as mining and oil names drag markets lower

Index edges down 0.55% at Friday close as major miners and oil suppliers lead declines; volatility and currency moves notable

By Priya Menon
MOEX Russia slips as mining and oil names drag markets lower

Russia's MOEX Russia Index closed 0.55% lower on Friday, with losses concentrated in the Mining, Oil & Gas and Telecoms sectors. Heavyweight miners including MMC Norilsk Nickel and OK Rusal were among the largest decliners, while Mobil'nye Telesistemy finished marginally higher. Market breadth favored losers and volatility edged up as commodity and currency prices moved.

Key Points

  • MOEX Russia Index closed down 0.55% as losses in Mining, Oil & Gas and Telecoms weighed on the market.
  • Heavyweight miners MMC Norilsk Nickel (MCX:GMKN) and OK Rusal (MCX:RUAL) were among the largest decliners; Mobil'nye Telesistemy (MCX:MTSS) was a modest gainer.
  • Market breadth favored losers (196 down, 49 up, 8 unchanged); implied volatility (RVI) rose to 26.61 and commodity and currency moves were notable.

Market close - Russia's benchmark, the MOEX Russia Index, ended the trading day down 0.55% after pressure from the Mining, Oil & Gas and Telecoms sectors pushed equities lower.

Top movers - Among names on the MOEX Russia Index, Mobil'nye Telesistemy PJSC (MCX:MTSS) was one of the better performers, firming 0.04% to close at 227.00. GDR ROS AGRO PLC ORD SHS (MCX:AGRODR) finished unchanged at 1,083.80 and was noted at 52-week lows. AFK Sistema PJSC (MCX:AFKS) slipped 0.32% to 13.41 by the session's end.

Largest declines - The session's steepest drops were concentrated in the mining and metals complex. MMC NORILSK NICKEL PJSC (MCX:GMKN) lost 6.12%, ending at 160.10. OK Rusal MKPAO (MCX:RUAL) fell 5.62% to 39.28, while Polyus PJSC (MCX:PLZL) dropped 3.87% to finish at 2,601.20.

Breadth and volatility - Declining issues markedly outnumbered advancers on the Moscow Stock Exchange, with 196 stocks down, 49 advancing and 8 unchanged. The Russian Volatility Index - RVI, which tracks implied volatility for MOEX Russia Index options, ticked up 0.34% to 26.61.

Commodities and futures - Commodity markets showed mixed moves during the session. Gold Futures for April delivery registered a decline of 8.80% or 471.26 to $4,883.54 a troy ounce. In oil markets, Crude oil for March delivery rose 0.55% or 0.36 to $65.78 a barrel, while the April Brent contract gained 0.46% or 0.32 to trade at $69.91 a barrel. The US Dollar Index Futures were up 0.88% at 96.99.

Currencies - On the FX front, USD/RUB was higher by 0.07% at 76.00, while EUR/RUB declined 0.89% to 90.09.


Context and closing note - The session closed with notable weakness in metals and energy-linked equities, and with market volatility nudging higher. Broad-based decliners outpaced gainers, and movements in commodities and currency pairs contributed to the trading backdrop.

Risks

  • Elevated implied volatility - RVI increased to 26.61, indicating greater option-implied swings that can affect equity and derivatives trading (impacts markets and risk management).
  • Commodity price volatility - Large moves in gold (down to $4,883.54) and mixed moves in oil prices could create earnings and input-cost uncertainty for resource-focused sectors (impacts Mining and Oil & Gas).
  • Currency fluctuations - USD/RUB and EUR/RUB moves may influence export and import valuations and balance-sheet exposures for Russian firms (impacts corporate cash flows and trade-exposed sectors).

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