Comments and pre-market: Eavex Ukraine Market Monitor: Aug 1

Ukrainian equities sank on Thursday (Jul 31) in line with the main US and European indices, which suffered their worst day in six months on concerns about the Argentinian default and US data showing a rise in labor costs. Although the jobs numbers were strong, they spooked traders, suggesting for the first time that the Federal Reserve’s monetary stimulus could be fueling US inflation. The UX index lost 1.9% to close at 1323 points, with USD-denominated valuations further undermined by the 5% drop in the UAH/USD rate over the past week. Among the top liquid names, Motor Sich and UkrNafta led the selloff, declining by 3.2% each, and low-liquidity name Azovstal shed 3.7% to 87.20 kopecks. Outside the UX basket, Metinvest-controlled Centralny GOK had a loss of 9.1%. In London, Ferrexpo fell in line with the broad market by 2.0% to near GBp 135, while top agro names MHP and Avangard were little-changed.

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Eavex Ukraine Market Monitor: Aug 1