Locally-listed Ukrainian stocks corrected on Friday (Dec 5) as market players were disappointed by the news about the worse-than-expected slide in the National Bank’s foreign currency reserves, which fell to a fresh ten-year low of just under USD 10bn. The UX index lost 1.5% to close at 990 points. All 10 components of the benchmark finished in the red, with Motor Sich (MSICH) edging down by 0.4% while Avdyivka Coke (AVDK) fell 3.9% to UAH 1.86. In electricity generation names, CentrEnergo (CEEN) and DonbasEnergo (DOEN) were both lower by about 1%. Outside the UX basket, LuganskTeplovoz (LTPL) shed 1.6% to UAH 1.04 after a notable gain a day earlier. In London trading, JKX Oil&Gas (JKX) was still searching for a bottom, sliding 10.5% to GBp 12.75. Meanwhile Ferrexpo (FXPO) managed to add 2.8% to GBp 64.70, but still lost 5.4% for the week. Warsaw-listed Kernel (KER) gained 1.9% to PLN 30.30 while Astarta (AST) declined by 2.1%. Fixed IncomeUkrainian sovereign Eurobonds were moderately lower on Friday in lighter activity than what has been seen recently, with Ukraine-23s down by 0.3p.p. to close at 69.8/71.8 (13.7%/13.2%). Corporate names were largely unchanged, with the exception of MHP-20s, which up to now has the been the most resilient issue in the local universe; the bonds lost 2.9p.p. to 75.0/81.3 (15.3%/13.3%). Ferrexpo-16s inched down by 0.2p.p., finishing at 80.0/82.0 (26.7%/24.5%).
POLITICS AND ECONOMICS
- New Round of Minsk Peace Talks Set for Tuesday
- NBU Reserves Slide to USD 10bn After 2.6bn Depletion in November
STOCKS IN THE NEWS
- MHP Director Acquires 5,000 Shares in the Company
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