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MOEX Russia Index Rises Amid Oil and Gas Gains; Magnit and Severstal Tumble

MOEX Russia Index Rises Amid Oil and Gas Gains; Magnit and Severstal Tumble. Source: Image by Gerd Altmann from Pixabay

Russian stocks edged higher on Saturday, driven by strength in the oil, gas, and power sectors. The MOEX Russia Index closed up 0.26%, signaling cautious optimism among investors despite mixed performance across key equities.

Bank VTB PJSC (MCX:VTBR) led the session’s gainers, inching up 0.02% to 83.30. GDR ROS AGRO PLC (MCX:AGRODR) remained flat at 1,083.80, while TATNEFT (MCX:TATN) slipped slightly by 0.09% to 693.40.

However, steelmakers weighed on the index. Magnitogorsk Iron & Steel Works (MCX:MAGN) saw the steepest loss, plunging 3.85% to 32.49. Severstal PJSC (MCX:CHMF) fell 3.73% to 1,022.40, and diamond giant ALROSA PJSC (MCX:ALRS) dropped 3.69% to 50.40.

Market breadth data was unavailable, indicating neutral sentiment across the broader exchange. Volatility remained stable, with the Russian Volatility Index (RVI) unchanged at 51.60.

In the commodities market, gold futures for June dipped 0.15% to $3,341.30 per troy ounce. Crude oil for May surged 3.54%, reaching $64.68 per barrel, while June Brent gained 3.20% to settle at $67.96, reflecting increased energy demand and geopolitical tensions.

Currency movements showed mixed trends. The USD/RUB pair declined 0.09% to 82.10, while EUR/RUB advanced 0.16% to 93.52. Meanwhile, the U.S. Dollar Index Futures saw minimal movement, down 0.01% at 99.13.

Despite weak performances from major metal stocks, gains in the energy sector helped lift the overall index. Investors continue to monitor global commodity prices and currency fluctuations as geopolitical developments unfold.

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