JPMorgan Russian Securities posted a total return on net assets in the year through October of 9.8%, which it said beat the local benchmark-index return of 8.4%.

The company declared a final dividend of 6p per share, bringing dividends for the full year to 21p, up from 14p in the 2016 financial year.

"The price of oil is a major determining factor for the Russian economy and if the price stability continues together with a rally in the prices of other raw materials, it seems likely to have a positive economic impact on the Russian economy and stock market in 2018," the company said.

At 1:36pm: (LON:JRS) JPMorgan Russian Securities Plc share price was +5p at 550p