The MOEX Russia Index gained 0.38% on October 6 and extended its advance on the morning of October 7. The ruble weakened after news that the Central Bank would sharply increase foreign-currency purchases, while financial and steel stocks were among the market’s stronger performers.
The MOEX Russia Index closed Tuesday’s main session, October 6, up 0.38% at 2,328.50 points. The IMOEX2 index, which also tracks evening and morning trading, ended the day at 2,325.31 points, a 0.16% gain. Trading was more restrained than in the previous session: the index dipped into negative territory during the day before recovering in the second half.
On Wednesday morning, October 7, IMOEX2 continued higher. At 7:50 a.m. Moscow time it stood at 2,334.29 points, 0.38% above Tuesday’s close. The ruble weakened notably after news that the Central Bank would increase its daily foreign-currency purchases 6.3-fold. The currency move supported Surgutneftegas preferred shares, while steelmakers’ stocks also advanced strongly.
Lukoil shares rose 1.14% to 5,633.5 rubles in the morning session on October 7. RBC said that was their highest level since April 7. Analysts linked demand to expectations of an interim dividend for the first half of 2026. BCS World of Investments sees a yield above 9%; Alexey Devyatov of Alfa Investments estimated it could exceed 10%, with total payments over the coming 12 months potentially around 16% to 18%. These are analyst forecasts, not figures announced by the company.
Financial stocks led sector gains on Tuesday. VTB rose 2.28%, T-Technologies 1.05%, Sovcombank 4.06%, and MKB 9.47%; ordinary Sberbank shares gained 0.16%. Analysts expect banks to begin reporting September results under Russian accounting standards in mid-October, followed by third-quarter IFRS results later in the month. VTB’s anticipated deal with RWB and Sovcombank’s increase in quarterly buybacks from 2 billion to 3 billion rubles were cited as additional drivers.
The market could become more volatile after the release of weekly inflation data. Mikhail Zeltsер of BCS World of Investments said equities may have room to rise further after a short-term overbought phase, while noting their sensitivity to economic data and geopolitical developments. His base-case forecast is for the Central Bank to keep its key rate at 14% in October.