Kyiv-listed stocks gave up ground on Monday (May 18) following news released late on Friday that Ukraine’s economy contracted by considerably more than expected (-17.6% YoY) in the first quarter. The UX index lost 1.6% to close at 1045 points. Only two out of 10 UX basket components finished in the black, with low-liquidity issues DonbasEnergo (DOEN) and Yenakievo Steel (ENMZ) rising on very thin turnover. Azovstal (AZST) and UkrNafta (UNAF) were the worst-performing blue chips, retreating by 2.4% and 2.2% respectively. Heavyweight Motor Sich (MSICH) edged down by 0.5% to UAH 2747 per share. In London, Ukrainian names were mixed, with Ferrexpo (FXPO) dropping 4.2% while Regal Petroleum (RPT) and MHP (MHPC) both appreciated by 3.0%. Warsaw-listed crop grower Industrial Milk Company (IMC) slid 6.2% to PLN 4.67 after reporting weak first-quarter financial results, and dairy producer Milkiland (MLK) fell 2.9% for the same reason.
Fixed Income
Ukrainian sovereigns finished slightly lower on Monday with Ukraine-23s inched down by 0.1p.p. to 48.3/49.5 (21.3%/20.8%). Corporate names were sluggish. MHP-20s rose by 0.6p.p. to 82.7/84.9 (13.2%/12.5%) and Metinvest-18s closed flat at 55.0/58.0 (35.9%/33.3%).
POLITICS AND ECONOMICS
- Nuland Visits Moscow to Discuss Ukraine Peace Deal
STOCKS IN THE NEWS
- Kernel Uses Revised Fertilizing Approach to Spring Planting on 300,000 ha
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