Shares prices rose on the Moscow stock exchanges on Monday as investors reacted to Vladimir Putin winning the presidential election in the first round which removes uncertainty.
However the gains were not big and analysts said investors were closely watching to see how anti-Putin protests develop and how he responds to them.
Among the shares that gained were energy giants Gazprom and Rosneft.
Stock markets remain near a seven-month high but there is much wariness ahead of the street protests that are symbolic of the emergence of a new wave of opposition in Russia.
The demonstrations are due to anger over widely-reported election fraud in last December’s parliamentary vote and Putin’s dominance of politics.
The rouble was virtually unchanged against the euro and the dollar on Monday.
Russia’s currency continues to be supported by high oil prices, well above the average price that was factored into Russia’s 2012 budget calculations.