Local Ukrainian stocks were higher on Wednesday (Apr 9), although by considerably less than the 5% slide in the value of the hryvnia against the dollar and euro that occurred yesterday. Uncertainty over the unrest in Eastern Ukraine and its effect on the overall economic and political situation in the country is putting considerable pressure on the currency this week, with yesterday’s closing rate at approximately 12.15 to the dollar, an all-time low. The hryvnia-denominated UX index rose by 1.1% to close at 1098 points. Motor Sich was the lone name to keep pace with the devaluation, adding 5.4% to UAH 1847. UkrNafta was the second-best blue chip performer, picking up 1.9%, while Azovstal and DonbasEnergo were both higher in line with the overall index. Raiffeisen Aval and CentrEnergo both ended lower by around half a percent. Among London-traded names, MHP slipped back below the USD 13 level on a 1.3% decline, Regal Petroleum lost 2.4% to GBp 10, and Ferrexpo was essentially unchanged for a second consecutive session.
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