Ukrainian stocks ended firmly in the red on Monday (Nov 17) as more
numerical evidence appeared of the deep recession in the country. UkrStat
reported that retail sales dropped by 6.8% YoY in 10M14, signaling weak demand
for goods amid rising consumer inflation. The UX index lost 2.7% to close at 963
points. The steel sector stocks were the main drag on the index, with Azovstal
(AZST) and Yenakievo Steel (ENMZ) tumbling by 6.8% and 8.7% respectively. Motor
Sich (MSICH) looked somewhat better than the overall market, declining by 1.4%
to UAH 2065. CentrEnergo (CEEN) was the best blue chip performer, finishing
unchanged at UAH 7.25. London-listed Ukrainian names were also generally lower
with JKX Oil&Gas (JKX) plunging by 7.7% to GBp 34.64 after reporting a 15%
YoY drop in production in 3Q14, and iron ore producer Ferrexpo (FXPO) slipped
1.5% to GBp 77.70. In Warsaw trading, Milkiland (MLK) lost 3.2% after posting a
EUR 7.6mn net loss in 3Q14, while top issues Astarta (AST) and Kernel (KER) were
both little-changed.
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