Kyiv-listed stocks were lower again on Friday (Dec 12) ahead of the expiration of UX futures contracts today (Dec 15), an event which occurs every three months. Market players had been aggressively shorting the UX futures since early November. The UX index lost 0.9% to close at 934 points. Electricity blue chips were again under pressure, with DonbasEnergo (DOEN) and CentrEnergo (CEEN) dropping by 2.9% and 1.3% respectively. Meanwhile, Motor Sich (MSICH) gained 0.8% to UAH 2149 and Azovstal (AZST) rose by 2.0% to 66.80 kopecks. In London trading it was another rough day for Ukrainian names. Ferrexpo (FXPO) was still unable to find a bottom, falling 2.7% to below GBp 56 amid a grim outlook for iron ore prices. Avangard (AVGR) was lower by 2.6%. Warsaw-listed Kernel (KER) declined by 1.5% to PLN 29.00 while Agroton (AGT) rose 3.6% to PLN 1.45.
Fixed Income Ukrainian Eurobonds renewed their sharp decline on Friday amid ongoing sovereign restructuring concerns, with Ukraine-23s down by 3.6p.p. to close at 63.8/65.8 (15.3%/14.8%). Corporate names also finished mostly in the red. Avangardco-15s fell 3.5p.p. to 64.5/64.5 (71.2%/71.2%) and Metinvest-18s lost 0.9p.p., ending at 60.0/62.0 (28.8%/27.4%).
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