Russian stocks are getting a Trump bump, too.
The benchmark Micex index is up more than 14% since Donald Trump defeated Hillary Clinton last month. That’s even better than in the United States, where the S&P 500 has gained 6% and the Dow 8.5% in a record-breaking rally since Election Day.
More money poured into Russian stock mutual funds last week than at any point in almost six years, according to fund tracking firm EPFR Global. Two Russian-themed ETFs, the SPDR S&P Russia (RBL) and VanEck Vectors Russia (RSX) funds, have soared as well.
Trump’s openness to friendlier relations with Russian leader Vladimir Putin appears to be one reason Russian stocks have done so well. But the surge in oil prices since OPEC agreed to a production cut a few weeks ago is clearly helping, too.
Shares of Russian oil giant Gazprom (GZPFY) are up 12% in the past month, while shares of Lukoil (LUKOY) have gained 15%. Rosneft’s (OJSCY) stock is up 20%.