Yukos shares rise 23% at MICEX

YUKOS shares have responded to the Moscow Arbitrage Court's decision to cancel the arrest of Uganskneftegaz shares by going up 23%, up to 135 rubles per share ($1 equals 29 rubles) at the Moscow Inter-bank Currency Exchange (MICEX).

On August 6, the Moscow Arbitration Court found the arrest of the shares in the Uganskneftegaz oil company owned by the YUKOS oil major imposed by the Bailiffs Service's illegal.

The court ruling came into force after it was announced and can be appealed against within a month.

However, experts insist that no positive news whatsoever about the YUKOS affair should encourage players to purchase YUKOS shares. Experts agree that the company's shares are not currently attractive for investment.

Experts believe the Russian stock market and the global oil market will continue fluctuating over positive and negative YUKOS-related news.

Other blue chips also trended upward. LUKoil shares appreciated 1.6%, up to 792 rubles, Surgutneftegaz shares rose 1.4% to 19.266 rubles, RAO Unified Energy Systems shares went up by 2.88% to 7.119 rubles, and Mosenergo shares increased by 1.38% to 2.42 rubles.