The ruble-denominated MICEX exchange, where most of the country's trading takes place, was up 9.80% at 3:30 p.m. Moscow time (11:30 GMT) after two suspensions. The dollar-denominated RTS exchange's benchmark index was up 10.91%.
The climb appears to be in response to central banks across the world cutting interest rates and against the backdrop of a positive dynamics on European and U.S. markets.
Oil, gas and gold and blue chips grew the fastest. Oil giants Surgutneftegaz, LUKoil and Rosneft climbed 27%, 21%, and 13.7% respectively. Polyus Gold producer's stock rose 11.5%.
But Dmitry Alexandrov, an analyst with Financial Bridge, was less optimistic: "We believe the one-time effect from cutting central bank rates has almost completely exhausted itself, and the road is open for a new spiral of market declines."
The RTS index has dropped by more than 50% since early September, affected both by the global financial crisis, declining oil prices and the Russia-Georgia armed conflict in August. On Monday alone, it declined by over 19%.
