Russia's Micex Index climbed 0.9% by 10:36 in Moscow to 1,441.71 on Wednesday, securing its recent resurgence as investors reacted to geopolitical developments in Ukraine.
The Micex had already risen 1.2% on Tuesday, its first advance in five days, cutting much of its loss seen since Russian President Vladimir Putin annexed the Crimea peninsula from neighbouring Ukraine.
As the crisis in eastern Ukraine has unfolded, Western powers have imposed a raft of sanctions on Moscow, prompting a wave of activity on Russia's stock market and a broader trend of foreign capital flight from the country's economy.
Extreme price movements and high volumes of trading on the Russian stock market have been driven by the geopolitical agenda over Ukraine, according to Alexander Losev, chief executive officer at Sputnik Asset Management.
The volatility has come from "an unbelievable number of speculators who are trying to play on geopolitical news," Losev told Bloomberg. "It's surprising to see how just news headlines about the Ukrainian crisis can move the markets," he said.
Meanwhile, Russia's local bonds have suffered the worst performance of the 31 countries in Bloomberg's emerging market sovereign index in 2014, shedding 17% in dollar-terms.
The ruble currency has also performed badly since Russia annexed Crimea in March, falling 14% overall this year, the worst performance among the emerging markets.