Ukrainian stocks dropped on Thursday (Nov 27) as market players preferred to open short positions after the UX index failed to break through the strong resistance level of 1000 points. The indicator shed 1.4% to close at 973 points. In the steel sector, Azovstal (AZST) and Yenakievo Steel (ENMZ) declined by 2.4% and 3.7% with the former ending at 69 kopecks. The main utility names were also notably lower; CentrEnergo (CEEN) lost 1.3% to UAH 7.43 and DonbasEnergo (DOEN) was down 1.9%. Volume leaders Motor Sich (MSICH) and UkrNafta (UNAF) were somewhat better than the broad market, declining by 1.0% and 0.5% respectively. In London trading, Avangard (AVGR) tumbled 5.1% to a fresh all time low of USD 4.65 ahead of today’s release of the company’s financials for 3Q14. Ferrexpo (FXPO) shed 0.5% to end just above the GBp 70 resistance level. The day’s winners were to be found in Warsaw, where Kernel (KER) advanced by another 4.8% as investors continued to react to its strong financials reported on Wednesday. Astarta (AST) also rebounded by 5.9% after several trading sessions of notable losses.
Fixed Income
Ukrainian benchmark sovereigns continued to move into record-high yield territory on Thursday, with the Ukraine-2023 issue down by another 1.4p.p. to close at 72.8/74.8 (12.9%/12.4%). Corporate names were sluggish. MHP-20s were essentially unchanged at 80.5/81.9 (13.5%/13.1%) while Metinvest-18s inched up by 0.2p.p., finishing at 65.0/67.4 (25.3%/23.8%).
POLITICS AND ECONOMICS
- Poroshenko, Yatseniuk In Show of Unity on Parliament Opening Day
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