Russia's stock market ended Tuesday's trading session with losses, as declines in Oil & Gas, Mining and Power sectors pushed the MOEX Russia Index down 1.95% to close at a new six-month low.
At the close in Moscow, the MOEX Russia Index registered the 1.95% fall, while market breadth skewed heavily to the downside: 208 issues declined, 35 advanced and 8 finished unchanged.
On the winners' list, Moskovskiy Kreditnyi Bank PAO (MCX:CBOM) led gains, rising 6.18% or 0.49 points to finish at 8.37. PIK SHb PJSC (MCX:PIKK) added 6.15% or 35.70 points to end at 616.00, and AK ALROSA PJSC (MCX:ALRS) was up 4.09% or 1.01 points to 25.71 in late trade.
By contrast, several large energy names posted steep losses. TATNEFT n.a. V.D. Shashin (MCX:TATN) fell 7.06% or 40.60 points to close at 534.20, while TATNEFT n.a. V.D. Shashin Pref (MCX:TATN_p) dropped 7.01% or 37.90 points to end at 502.50. Rosneft PJSC (MCX:ROSN) declined 6.08% or 22.00 points to 339.70.
Rosneft's share price reached a three-year low during the session, closing at 339.70 after the 6.08% decline.
The Russian Volatility Index - RVI, which measures the implied volatility of options on the MOEX Russia Index, fell 8.70% to 24.78 by the close.
Commodities traded mixed. Gold Futures for August delivery rose 0.03% or 1.45 to $4,353.05 a troy ounce. In crude markets, July delivery fell 5.09% or 4.11 to $76.64 a barrel, while the August Brent oil contract slipped 0.14% or 0.11 to trade at $79.35 a barrel.
Currency pairs including USD/RUB and EUR/RUB were unchanged on the day, each quoted as 0.00% to 73.23 and 84.16 respectively. The US Dollar Index Futures was down 0.06% at 99.32.
Market internals and context
The session's results reflect a broad decline across Russian equities, with the Oil & Gas, Mining and Power sectors among the most affected. Despite the widespread sell-off, several mid- and small-cap names recorded double-digit percentage movers on the upside, though overall participation favoured decliners.
The RVI's retreat to 24.78 indicates implied option volatility on the MOEX has eased from prior levels during the session.
What to watch next
- Performance of energy and mining names following the sharp moves in major producers.
- Commodity price developments, particularly in crude oil, given the notable drop in the July contract.
- Changes in implied volatility on the MOEX as reflected by the RVI.