Equity
Ukrainian stocks demonstrated considerable volatility on Wednesday (Mar 5), ending the trading session with mixed results. The strengthening hryvnia, which closed at 9.35 against US dollar compared to 10.20 three days ago, helped to provide some confidence to market players amid the ongoing geopolitical standoff over Crimea. The UX index rose by 0.7%, finishing at 1,090 points. The electricity generation sector was the main locomotive for the index’s growth, with CentrEnergo (CEEN UK) and DonbasEnergo (DOEN UK) advancing by 3.0% and 5.0% respectively. A notable rise was also seen in UkrNafta (UNAF UK), which added 4.6%. Meanwhile the steel sector was weak, as Avdyivka Coke (AVDK UK) and Yenakievo Steel (ENMZ UK) fell by 1.1% and 1.9% respectively. Among London-traded Ukrainian names, Avangard (AVGR LI) rose by 3.5% and MHP (MHPC LI) climbed 1.5%. In Warsaw, second-tier issue Agroton (AGT PW) shot up by almost 20% to reach the PLN 5 level.
Fixed Income
Ukraine’s benchmark sovereign Eurobonds were little-changed on Wednesday. Ukraine-23s edged up by 0.2p.p. to close at 87.0/89.0 (9.7%/9.3%), while Ukraine-17s inched down by 0.1p.p. to 87.9/89.6 (11.1%/10.4%). By contrast, the country’s top corporate debt issues were quite volatile. MHP-15s declined by 3.2p.p. to 93.5/95.0 (19.2%/17.3%) while DTEK-15s improved by 2.1p.p. to 75.2/77.3 (16.5%/15.6%).
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