Russian stocks surged on Thursday after the Kremlin announced that presidents Vladimir Putin and Donald Trump will meet in the coming days.
The Moscow Exchange (MOEX) Index, which tracks 40 of the country’s largest publicly traded companies, jumped more than 5% by midday Moscow Time, reaching around 2,905 points — its highest level in two months.
The rally marks the strongest single-day gain since Feb. 13, when Putin and Trump held their first phone call after Trump's January inauguration.
Energy stocks led the charge, with shares of Gazprom rising 3.65% and Novatek 5.44%.
Financial stocks lagged behind, weighed down by mounting credit delinquencies. Sberbank shares edged up just 1.43%, while VTB added 0.77%.
The rally also extended to currency markets.
The ruble strengthened against major currencies, with the yuan falling 0.7% to 11.02 rubles, the U.S. dollar losing 0.8% to 79.33 rubles and the euro down 0.7% to 92.81 rubles.
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