Comments and pre-market: Eavex Ukraine Market Monitor: October 11

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Friday, 11 October 2013

Eavex Ukraine Market Monitor: October 11

Eavex Capital

Equity markets in both Europe and the United States were sharply higher on Thursday (Oct 10), amid expectations that the US debt limit quagmire will be taken off the front burner by a compromise between the US President and Congress. As luck would have it, the Ukrainian Exchange was closed for technical reasons yesterday, depriving the local market of the opportunity to piggyback on the rosy external mood. The main indices in Frankfurt and Paris saw gains of nearly 2%, while the S&P 500 was up 1.4% at midday in New York. It was a good day for the major Ukrainian names listed abroad, with JKX Oil & Gas (JKX LN) jumping 5.7% to GBp 69.75 and Ferrexpo (FXPO LN) and Avangard (AVGR LI) adding 4.1% and 2.2% respectively. The situation was no different in Warsaw, as top liquid name Kernel (KER PW) forged ahead by a solid 5.3% to PLN 53.90 and Ovostar (OVO PW) picked up 4.5%.

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