Stock Markets February 25, 2026

Moscow market edges higher as mining, telecoms and energy stocks lead gains

MOEX Russia Index closes up 0.66% as select oil, mining and metals names outpace the market

By Sofia Navarro
Moscow market edges higher as mining, telecoms and energy stocks lead gains

Russian equities finished higher on Wednesday, with the MOEX Russia Index gaining 0.66% at the close in Moscow. Advancers outnumbered decliners by a wide margin, driven by strength in mining, telecommunications and oil and gas names. Volatility measures, commodity prices and ruble crosses showed mixed moves alongside the equity gains.

Key Points

  • MOEX Russia Index closed up 0.66%, led by mining, telecoms and oil and gas stocks.
  • Top gainers included Surgutneftegas PJSC Pref (+5.70%), OK Rusal MKPAO (+3.14%) and PhosAgro PJSC (+3.11%); notable laggards included VK Company Ltd (-0.62%) and OZON (-0.34%).
  • Market breadth was positive with 158 advancers, 82 decliners and 13 unchanged; RVI rose to 25.66, while oil, gold and ruble crosses showed mixed movements.

Russian stocks ended Wednesday's session in positive territory, supported by advances in mining, telecoms and oil and gas sectors. At the close in Moscow, the MOEX Russia Index rose 0.66%.

The session's top performer on the MOEX Russia Index was Surgutneftegas PJSC Pref (MCX:SNGS_p), which climbed 5.70% - a gain of 2.40 points - to finish at 44.58. Aluminium producer OK Rusal MKPAO (MCX:RUAL) added 3.14%, up 1.19 points to 39.09, while fertiliser company PhosAgro PJSC (MCX:PHOR) advanced 3.11%, or 208.00 points, closing at 6,899.00.

On the downside, VK Company Ltd (MCX:VKCO) slipped 0.62%, or 1.95 points, to end the day at 312.50. ROSSETI PJSC (MCX:FEES) was recorded as unchanged - 0.40% or 0.00 points - finishing at 0.07, and online retailer OZON (MCX:OZON) declined 0.34%, down 16.50 points to 4,767.00.

Breadth on the Moscow Stock Exchange was tilted toward advances, with 158 stocks rising versus 82 decliners, and 13 issues finishing unchanged.

Market volatility as measured by the Russian Volatility Index - RVI, which gauges implied volatility of MOEX Russia Index options - rose 0.51% to 25.66.

Commodities showed mixed moves. Gold futures for April delivery were up 0.14%, adding 7.36 to trade at $5,183.66 a troy ounce. In energy, crude oil for April delivery fell 0.17% - down 0.11 - to $65.52 a barrel, while the May Brent contract rose 0.34% or 0.24 to $70.82 a barrel.

Foreign exchange crosses involving the ruble moved modestly: USD/RUB rose 0.08% to 76.66, and EUR/RUB increased 1.16% to 91.22. The US Dollar Index Futures was down 0.15% at 97.63.


Marketing note contained in the session copy - The session summary included promotional copy about investment research tools, noting that the best investments start with better data and describing a product that combines institutional-grade data with AI-driven analysis. It posed a question about the best investments of 2026 and referenced a decision tool named WarrenAI as a means to help identify opportunities.

Risks

  • Rising implied volatility as measured by the RVI increased 0.51% to 25.66, which may signal higher option-implied swings in the MOEX Russia Index - this affects equity and derivatives trading.
  • Commodities showed disparate moves - oil benchmarks diverged and gold rose modestly - creating potential uncertainty for energy and materials sector returns.
  • Currency fluctuations were evident as EUR/RUB climbed 1.16% to 91.22 and USD/RUB rose 0.08% to 76.66, which could impact exporters and import-sensitive companies.

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