Ukraine’s main equity benchmark hit its highest level since late
March on Friday (Jul 12), driven by news of the imminent privatization of
electricity generation blue chip DonbasEnergo, as well as encouraging data from
the US that helped the S&P 500 to a new record close. The UX index added
1.7% to end the week at 882 points. Multiple news outlets reported that
DonbasEnergo (DOEN) will be privatized at a starting price equivalent to UAH 45
per share, or nearly twice the stock’s trading level as of Thursday’s close.
Although the new owner will not be required to buy out minorities, the issue
jumped by 13.2% on volume of UAH 2.6mn – about four times its average daily
turnover. Other local gains were rather modest, with Alchevsk Steel (ALMK)
rising 1.2% and CentrEnergo (CEEN) and Avdyivka Coke (AVDK) picking up half a
percent each.
In London, Ferrexpo (FXPO LN) dropped 2.6%, but still finished the
week firmly in positive territory, while Kernel (KER PW) continued its stealth
rally in Warsaw, moving up 3.2% to above PLN 54
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