Stock Markets January 26, 2026

Moscow market edges lower as oil, telecoms and power drag MOEX down 0.52%

Declines in energy-related names and telecoms weigh on broader index; mixed moves in commodities and FX accompany session

By Priya Menon
Moscow market edges lower as oil, telecoms and power drag MOEX down 0.52%

Russian equities closed lower on Monday with the MOEX Russia Index down 0.52% as losses in the Oil & Gas, Telecoms and Power sectors led the market. Advancers were outnumbered by decliners, while OZON hit a 52-week high. Commodity and FX moves accompanied the equity decline, with mixed performance across gold, crude and the ruble.

Key Points

  • MOEX Russia Index closed down 0.52% as losses in Oil & Gas, Telecoms and Power sectors pressured the market.
  • Top gainers were OK Rusal MKPAO (RUAL), OZON (OZON) and Polyus PJSC (PLZL); notable decliners included NOVATEK PJSC (NVTK), AFK Sistema PJSC (AFKS) and LUKOIL PJSC (LKOH).
  • Commodities and FX were mixed: April gold futures rose, Brent and WTI oil contracts slipped, and the ruble weakened against the dollar and euro.

Russian stocks ended Monday's session in negative territory, with the MOEX Russia Index finishing the day down 0.52% following broad weakness in the Oil & Gas, Telecoms and Power sectors.

At the close in Moscow, the benchmark MOEX Russia Index registered a 0.52% decline.

The session's top performers on the MOEX Russia Index included OK Rusal MKPAO (MCX:RUAL), which advanced 1.90% or 0.77 points to close at 41.37. OZON (MCX:OZON) also gained ground, rising 1.12% or 51.00 points to finish at 4,611.50, and Polyus PJSC (MCX:PLZL) climbed 1.05% or 28.40 points to end the day at 2,737.40.

By contrast, the weakest names were NOVATEK PJSC (MCX:NVTK), down 2.79% or 34.00 points to 1,183.00 at the close; AFK Sistema PJSC (MCX:AFKS), which fell 2.18% or 0.29 points to 13.07; and LUKOIL PJSC (MCX:LKOH), off 2.13% or 114.50 points to 5,268.00.

Declining issues outnumbered advancing ones on the Moscow Stock Exchange by 164 to 82, while seven stocks finished unchanged.

Notably, shares of OZON (MCX:OZON) reached a 52-week high in the session, closing at 4,611.50 after a 1.12% gain.

Volatility readings moved slightly lower, with the Russian Volatility Index - RVI, which captures implied volatility in MOEX Russia Index options, slipping 0.35% to 25.86.


Commodity markets showed a mixed picture alongside the equity moves. Gold futures for April delivery rose 0.96% or 48.14 to $5,065.14 a troy ounce. In energy markets, crude oil for March delivery fell 0.43% or 0.26 to $60.81 a barrel, and the April Brent contract eased 0.23% or 0.15 to $64.92 a barrel.

Currency moves accompanied the equity decline. The Russian ruble weakened against major currencies, with USD/RUB up 1.36% at 76.52 and EUR/RUB rising 1.82% to 90.91. The US Dollar Index Futures traded lower as well, down 0.57% at 96.85.


Separately, a note on portfolio selection and market tools reflected product performance figures: the communication highlighted that, year to date, two out of three global portfolios were outperforming their benchmark indexes, with 88% of portfolios in positive territory. It also cited that the flagship Tech Titans strategy had outpaced the S&P 500 over an 18-month span, with notable performers referenced in that strategy's results.

This session's market action illustrates uneven sectoral performance in Moscow, with energy-related names and major oil producers among the notable decliners while select industrial and e-commerce stocks posted gains.

Risks

  • Sector concentration risk - declines in Oil & Gas, Telecoms and Power suggest those sectors can materially influence the MOEX Russia Index performance.
  • Commodity price sensitivity - movements in crude oil and gold prices can affect energy and mining company valuations.
  • Currency volatility - a weaker ruble (USD/RUB and EUR/RUB higher) introduces FX risk for investors and companies with foreign-currency exposure.

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