Kyiv-listed stocks regained some ground on Wednesday (May 13) despite uncertainty about whether the country will be able to reach an agreement with its creditors in the next couple of weeks. The government is supposed to reach a debt restructuring deal with private bondholders by June, but is no closer than when talks began in mid-March. The UX index rose by 1.2% to close at 1066 points. UkrNafta (UNAF), Raiffeisen Aval (BAVL) and Azovstal (AZST) led the growth, adding around 2% each, while low-liquidity blue chip Yenakievo Steel (ENMZ) lost 5.0%, ending at UAH 17 on the nose. In second-tier stocks, the country’s fixed-line behemoth UkrTelecom (UTLM) lost another 6.3% to 14.20 kopeks per share after touching a local maximum of 20 kopecks two weeks ago. In London trading, Ferrexpo (FXPO) advanced by 3.6% to GBp 78.75. Warsaw-listed Kernel (KER) edged up by 0.1% to PLN 35.35 and Ovostar (OVO) gained 0.7% to close at PLN 76.50.
Fixed Income
Ukrainian sovereigns rose on Wednesday with Ukraine-23s improved by 0.4p.p. to 48.5/50.5 (21.2%/20.6%). The corporate universe was mixed. MHP-20s inched up by 0.1p.p. to 81.6/83.2 (13.5%/13.0%) while Metinvest-18s dropped by 2.0p.p. finishing at 56.0/57.0 (34.9%/34.0%).
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