Ukraine’s equity market showed signs of life on Friday (May 17), breaking out the doldrums in the last hour of the session after a higher Wall Street opening to post solid gains, albeit on continued low volume. The UX index picked up 1.4% to close at 829 points, with all blue chips except for ugly duckling UkrSotsBank (USCB, -0.6%) ending in positive territory. Avdyivka Coke (AVDK) rallied sharply, adding 3.6% to UAH 3.18, and Alchevsk Steel (ALMK) jumped 1.9%, while Raiffeisen Aval (BAVL) and Azovstal (AZST) gained 1.0% each on combined turnover of UAH 2.2mn. Power generators CentrEnergo (CEEN) and DonbasEnergo (DOEN) were up by 1.8% and 0.6% respectively. Names outside the UX basket showed very limited activity; we are surprised that LuganskTeplovoz (LTPL) has not reacted to Ukrainian State Railways’ placement of a USD 500mn bond, which could result in a flood of new locomotive orders for the company.
In London, MHP (MHPC LI) reversed its recent slide after announcing a May 22 ex-rights date for its FY12 dividend, rising 6.4% to USD 18.75.
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