Russia’s stock market surged Thursday following U.S. President Donald Trump’s announcement that he and President Vladimir Putin agreed to begin ceasefire negotiations for the war in Ukraine.
As of noon Moscow time, the Moscow Exchange (MOEX) jumped more than 6% to 3,210 points, while the dollar-denominated RTS Index climbed over 6% to 1,080.
Shares of major Russian companies, including Novatek, Gazprom, Rostelecom and Aeroflot, rose more than 8%.
The ruble also strengthened 3.72% against the U.S. dollar, trading at 90.5 rubles per dollar, and gained 3.64% against the euro, reaching 94.04 rubles per euro.
Despite the market rally, global oil prices dipped, with Brent crude, a key benchmark for Russian exports, falling about 1% to $74 per barrel and WTI crude dropping 1% to $70.50.
U.S. and European stock futures also rose on optimism over a potential peace settlement for the war in Ukraine.
“Investors dreamed about this scenario but did not really believe it was possible,” Cifa Broker chief analyst Ovanes Oganisyan told the business newspaper Kommersant.
The newspaper reported that the MOEX market capitalization reached 7.05 trillion rubles ($77.8 billion) after adding 500 billion rubles in value Thursday morning.
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