Equity
Locally-listed Ukrainian stocks ended mixed on Friday (Mar 7) ahead of Monday’s Women’s Day closure, despite spending most of the session in the red. The UX index finished unchanged at 1,080 points. Among actively traded names, Motor Sich (MSICH UK) and Yenakievo Steel (ENMZ UK) both fell by 2.2%. On the upside, UkrNafta (UNAF UK) and CentrEnergo (CEEN UK) rose by 1.5% and 1.8% respectively. Banking stocks were also higher, with Raiffeisen Aval (BAVL UK) and UkrSotsBank (USCB UK) adding 0.9% and 2.7% respectively. In the second division, there was an impressive 30% jump in UkrTelecom (UTLM UK) to 18.80 kopecks, which we attribute to expectations that the Rinat Akhmetov-controlled company will report a solid profit for FY13. The top Ukrainian agro names traded in London on Monday were mixed, with Avangard (AVGR LI) advancing by 4.1% and MHP (MHPC LI) declining by 2.8%.
Fixed Income
Ukrainian sovereigns were notably lower on Friday against the backgroung of continued tensions in Russian-occupied Crimea. Ukraine-23s declined by 1.9p.p. to 84.7/86.2 (10.1%/9.8%) and Ukraine-17s dropped by 0.9p.p., closing at 86.2/88.0 (11.7%/11.1%). Meanwhile, beaten-down corporate issues managed to rebound. Metinvest-18s and MHP-20s rose by 1.6p.p. and 1.2p.p. to 87./89.2 (13.3%/12.5%) and 82.0/84.2 (12.6%/12.0%), respectively.
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