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. Last Updated: 07/27/2016

Share Prices Shoot Up In LUKoil Subsidiaries

Share prices in LUKoil subsidiaries rose significantly this week as news leaked out about a favorable conversion ration of these shares into a new single stock in the giant LUKoil-Holding company, brokers said Friday.

Two shares in LUKoil-Langepas and LUKoil-Urayneftegaz will buy one new share, while one LUKoil-Kogalym share gets eight new shares, said Firuz Mansurkhodzhayev, head of the stock department with the Grant Financial Center.

One old LUKoil-Holding share equals five new ones.

As a result LUKoil-Kogalym stocks soared upward to 124,830 rubles ($24.50) from last week's 93,480 rubles, LUKoil-Langepas shares grew to 31,720 rubles from last week's 27,290 rubles and LUKoil-Urayneftegaz rose to 31,460 rubles from last week's 27,790 rubles.

Stock in LUKoil-Holding fell to 94,650 rubles from 98,530 rubles last week.

The LUKoil factor, however, had little effect on the markets as a whole.

The MT Index of Russia's 50 most widely traded stocks rose slightly to 127.68 from last week's 125.06, while the dollar-adjusted index crept up to 55.01 from 54.55 last Saturday.

Advancers outpaced decliners by 28 to 18 with 4 issues unchanged.

The Primorsky Shipping company continued to be affected by management's decision to make a secret share issue, falling heavily from 11,370 rubles to 8,950 rubles.