Ukrainian equities made it a hat trick of heavy losses on Thursday (Mar 13), sliding for a third straight day on the impending showdown with Russia over Crimea’s Mar 16 secession referendum. The Crimean standoff also hammered European, and to a lesser extent, US share prices. The UX index lost 2.8% to end at 1002 points, with today’s session likely to be no better heading into a tense weekend. UkrNafta led the decline, dropping 4.5% to UAH to UAH 184, and Azovstal and Yenakievo Steel fell 4.0% and 3.6% respectively. Volume leader Motor Sich was down 2.9% on turnover of UAH 4.8mn. Ukraine’s top London-traded issues were also notably lower: Ferrexpo and MHP lost 4.0% and 5.1% respectively, with the latter ending at USD 12.35. In Warsaw, Astarta gave up more ground, declining by 3.1% to below the PLN 40 level, while beaten-down Kernel managed a gain of 2.5%.
Fixed IncomeUkrainian benchmark sovereigns regained some ground on Thursday after several days of declines. Ukraine-23s improved by 0.9p.p. to end at 82.2/83.4 (10.6%/10.4%). The corporate universe was mixed with considerable volatility. UkrLandfarming-18s got pounded, nosediving by 8.2p.p. to 81.0/82.0 (17.7%/17.2%), while Metinvest-15s rose by 2.5p.p. to finish at 93.0/95.0 (19.4%/16.9%).
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