Comments and pre-market: Eavex Ukraine Market Monitor: September 30

Ukrainian blue chips were mixed on Friday (Sept 27) in line with activity on the Frankfurt and Paris bourses, both of which ended flat. However, the UX index posted a gain of 2.4% to 850 points due a fluke last trade in UkrSotsBank which took the issue up by 49.6% to 21 kopecks. Rumors began circulating on Thursday that the bank may hold a special shareholder meeting with consideration of “significant deals”. This would force majority owner UniCredit to buy out minority shareholders voting against the deals at a fixed price, therefore giving such minorities an incentive to bid up the stock as high as possible ahead of the meeting. Among other blue chips, Alchevsk Steel and Raiffeisen Aval added 2.3% and 0.8% respectively, while Motor Sich slid 1.4% to UAH 1606 and DonbasEnergo fell 0.9%. Outside the UX basket, Krukiv Wagon slumped 5.6% after news that the company has had its freight railcar certification for the Russian market suspended.

In Warsaw, Astarta moved down 2.0% to PLN 71.

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Eavex Ukraine Market Monitor: September 30