Equity
Ukraine’s local equity market enjoyed a big rally on Friday (May 23) on optimism that moderate pro-European oligarch Petro Poroshenko would be elected as the country’s next president on the first ballot in Sunday’s (May 25) presidential election, thereby avoiding an additional 3 weeks of political uncertainty ahead of a June 15 runoff vote. The UX index rose steadily through the afternoon, finishing up 3.9% at its session high of 1176 points. CentrEnergo led the charge with a 5.5% gain, and Motor Sich rose back above the UAH 2000 level for the first time since late February after a 3.2% pickup. In the steel sector, Azovstal and Avdyivka Coke both added 4.0%, Alchevsk Steel advanced by 4.7%. In a second division, Krukiv Wagon rose 3.2% to close at UAH 16.0 per share. London-listed MHP increased by 2.9% while Ferrexpo and Avangard ended unchanged. In Warsaw Kernel and Astarta added moderate 1.0%.
Fixed Income
Ukrainian benchmark sovereigns made it 5-for-5 for the week on Friday, with Ukraine-23s extending their winning streak on a 0.4p.p. advance to 90.6/92.1 (9.1%/8.8%). There was little action across the local corporate spectrum, however, with all names finishing nearly flat. MHP-20s inched up by 0.2p.p., closing at 87.1/88.5 (11.3%/11.0%).
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