The combined market value of companies listed on Russia’s Micex index has surged to nearly $1 trillion (€686bn) after the stock market rose to record levels last year and investors piled in towards the end of the year.

The Micex index increased 11.5% to 1,888.86 by December 28, slightly below the all-time peak of 1,969.91 reached on December 12, the index operator said in a statement.