Local Ukrainian stocks were lower on Thursday (Jan 22) after the
country officially asked the IMF for an Extended Fund Facility - a larger and
longer-term bailout program than the existing “Stand-By” program. Also, the
Finance Ministry said it is set to start talks with holders of Ukrainian
sovereign debt, suggesting that a restructuring is in the cards. The talks aim
to improve medium-term debt sustainability. The UX index fell 1.7% to close at
1023 points. Krukiv Wagon (KVBZ) was the only blue chip to end in the black,
inching up 0.1% to UAH 12 on the nose. Electricity blue chips were the worst
performers, with CentrEnergo (CEEN) and DonbasEnergo (DOEN) shedding 3.4% and
4.6% respectively. UkrNafta (UNAF) retreated by 1.0% to close at UAH 234 per
share. In London, it was a bullish day for Ferrexpo (FXPO), which jumped 9.7%
and moved back above the GBp 60 level for the first time since early December.
Warsaw-listed Astarta (AST) rose 1.9% to PLN 26.50 after the company reported a
53% YoY sugar production increase for 2014.
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