Russian markets mixed

Russian stocks were mixed Friday, with one major exchange recovering some of the recent days' massive losses as investors cheered the rally in U.S. markets and oil prices.

The RTS jumped 3.9 percent to 644 points while the MICEX closed down 1 percent down, at 592.1 points.

Shares in steelmaker Novolipetsk Steel rose 19.4 percent at the MICEX, where most trading takes place. Mining giant Norilsk Nickel dropped 8.4 percent, while Magnitogorsk Steel and Iron lost 6.9 percent.

Russian trading floors suffered a chaotic day on Thursday as regulators opened and closed both exchanges when some Russian blue chips plummeted 20 percent.

Despite Russia's falling stock indexes and ruble currency, President Dmitry Medvedev on Thursday said he was seeking legislation by the end of the year that would "create an international financial center in Russia."

Analysts say Russia can only achieve that status by winning the trust of international investors. Their confidence has been rattled by constant trading suspensions and corporate conflicts which has bruised companies' market capitalization.

Russia's markets are some of the worst performing this year, with the RTS losing 73 percent and the MICEX down 69 percent since the beginning of the year.

The country's resource-dependent economy has been battered by weaker oil prices, and its equity markets have declined in lockstep with crude.

Oil prices have fallen about 60 percent during the last four months from a high of $147.27 in July. They were as weak as $54.67 Thursday before rallying to close overnight at $58.24.

A top official sought to ease Russians' concerns about the recent decline of the ruble after several years of gains against the U.S. dollar.

"Don't expect any surprises from (the government) over the ruble rate. There won't be any," Interfax quoted First Deputy Prime Minister Igor Shuvalov as saying.

"There will be no sharp fluctuations in the rate," he said, suggesting the Central Bank will continue spending lavishly to avoid a sudden steep decline if necessary.