Russian stocks rise following ceasefire announcement

Russian stocks have risen to their highest level in three months following the announcement of a ceasefire agreement with Ukraine.

The main Micex index gained 2.6%, while Russian gas giant Gazprom saw its highest jump since June, rising 3.3%.

The Russian rouble also surged, up 1.4% against the dollar to 36.89 roubles.

The figures come after Ukranian president Petro Poroshenko announced he had agreed a "ceasefire process" with President Putin.

A spokesperson for the Russian President denied that a deal had been made, saying that

Russian rouble falls to new low on sanctions threat

The Russian rouble fell to a record low against the dollar as investors fear further sanctions against the nation.

The rouble fell to 37.03 per dollar on Friday, its worst valuation since the currency was restructured in 1998.

The tumble comes weeks after Russia's central bank pledged to intervene less in the currency's valuation.

It also follows peace talks in Minsk between Ukrainian President Petro Poroshenko and Russian President Vladimir Putin in Minsk.

The market may have found the talks "disappointing" and renewed its concern over sanctions, said Manik Narain, emerging market strategist at UBS.

A recent weak economic performance and the conflict with Ukraine have combined with