Equity
Locally-listed Ukrainian equities were notably lower again on Wednesday (Mar 12) as no obvious resolution to the standoff between Ukraine and Russia over the Crimean peninsula emerged ahead of Sunday’s secession referendum, and the main European indices in Frankfurt, Paris and London each finished down by about 1% on concerns that Western economic sanctions could be applied against Moscow over the affair. The UX index slid 2.3% to close at 1030 points. The utility sector was hit hardest, with CentrEnergo (CEEN UK) and DonbasEnergo (DOEN UK) dropping by 3.2% and 3.6% respectively. Low-liquidity blue chip UkrsotsBank (USCB UK) tumbled by 6.4% to 17.50 kopecks. Azovstal (AZST UK) was the only blue chip to end in the black, rising by 2.8%. In London trading, MHP (MHPC LI) edged down by 0.8% while Ferrexpo (FXPO LN) rose by solid 3.5% after announcing a special dividend that caught the market somewhat by surprise. Warsaw listed Ukrainian agro companies Kernel (KER WW) and Astarta (AST PW) suffered a second straight very bad day, declining by 7.0% and 5.3% respectively.
Fixed Income
Ukrainian sovereigns were substantially lower again on Wednesday amid continued tensions in Crimea. Ukraine-23s declined by 1.0p.p. to 81.0/82.8 (10.8%/10.5%) and Ukraine-17s dropped by 1.5p.p., closing at 82.9/84.6 (13.1%/12.4%). Corporate names were mixed. Metivnest-18s fell 1.3p.p. to 85.0/88.9 (14.1%/12.7%) while UkrLandfarming-18s improved by 1.0p.p. to 82.5/83.0 (17.1%/16.5%).
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