Local Ukrainian blue chips had another mixed performance on Tuesday (Aug 12), although currency traders continued to hammer the hryvnia, further undercutting USD-denominated valuations. In Frankfurt and Paris, the boomerang swung back the other way as Monday’s big gains were followed up by losses in the range of 1% for both benchmark indices, while US markets were largely flat. The UX index rose 0.6% to end at 1269 points, fueled by a 4.3% pickup in UkrNafta, which along with CentrEnergo (+2.4%) appeared to be reacting to keep pace with the sharp hryvnia devaluation. Motor Sich, however, continued to slide on defense sector sanctions concerns, falling to UAH 2287 on a 1.2% decline; the double-whammy of devaluation has reduced the issue’s USD-denominated price by nearly 30% since the beginning of the month. Alchevsk Steel, located in the epicenter of the Donbass conflict zone, was also a loser on the day, falling 2.2%. In London, Ferrexpo gave back about half of its strong Monday gain, shedding 2.8%, while beaten-down JKX Oil&Gas rallied by 7.0% to nudge back above the GBp 40 level.
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