Russian stocks gain 10.7 percent in October as ruble strengthens
Russian equities returned 10.7 percent in October 2026 as higher global oil prices and expectations of positive geopolitical news supported the MOEX Russia Index. The Bank of Russia also reported a stronger ruble and lower government bond yields.
Equities lead October returns
The MOEX Russia Index rose 10.7 percent in October 2026, making equities the Russian market's most profitable instrument for the month.
The Bank of Russia attributed the increase to rising global oil prices and expectations of positive geopolitical news for Russia.
Over a 12-month horizon, the highest total returns came from power company shares, oil and gas company shares, corporate bonds, ruble deposits and ruble-denominated money market exchange-traded unit investment funds.
Federal government bond yields declined across maturities except one-year bonds.
Yield spreads between corporate bonds and federal government bonds, known as OFZ, widened slightly.
Households add deposits and sell shares
Retail investors sharply increased their ruble deposits in October while reducing purchases of ruble-denominated corporate bonds.
Individuals also sold more shares than they bought for the first time in a year, despite equities leading monthly returns.
The ruble strengthened as exchange rates of major foreign currencies fell to levels last seen in March 2026.
The central bank reported these developments in its Financial Market Risks Review.
Returns and flows diverge
October's equity gains coincided with net share sales by individuals rather than net purchases.
Retail investors increased ruble deposits while buying fewer corporate bonds.
The review therefore separates strong market returns from household investment choices.