Comments and pre-market: Eavex Ukraine Market Monitor: September 19

Analytics and Market news

Thursday, 19 September 2013

Eavex Ukraine Market Monitor: September 19

Eavex Capital

Ukrainian stocks rose on Wednesday (Sept 18), front-running the overnight gains seen on Wall Street and in Asia after the US Federal Reserve surprised investors by leaving its USD 85bn-per-month bond-buying stimulus unchanged. The Fed’s move should be short-term positive for Ukraine as it is likely to re-open the Eurobond market for the increasingly cash-strapped Ukrainian government. The UX index added 1.7% to close at 839 points, with Motor Sich jumping 3.6% to lead the advance; Avdyivka Coke and Yenakievo Steel also picked up more than 2%, and Raiffeisen Aval rose 1.4% to 9.11 kopecks. In London, Ukrainian issues were little-changed ahead of the Fed announcement, although Ferrexpo showed some volatility after revealing its acquisition of a 14% stake in a Brazilian iron ore miner, before ending flat for the day near GBp 184.

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