Kyiv-listed stocks were broadly lower on Tuesday (Jul 7), with the hryvnia having depreciated against the dollar by some 3.5% to 21.80 UAH/USD on the interbank market over the last two days. The news that the NBU’s foreign reserves increased by around USD 350mn in June has not provided support to the local currency, as the reserves remain rather low near the USD 10bn mark. Nevertheless, hryvnia volatility in a range of 20-23 UAH/USD should be viewed as rather normal currency behaviour in the current economic conditions. The UX index fell 1.7% to close at 998 points. Raiffeisen Aval (BAVL) was the only blue chip to finish in the black, inching up by 0.1%. The steel sector underperformed the broader market, with Azovstal (AZST) dropping by 3.6% to 77 kopecks and Yenakievo Steel (ENMZ) down 3.2% to UAH 16.45. In second-division issues, Pivnichny GOK (SGOK) shed 0.6% to close at UAH 6.48. In London, Ferrexpo (FXPO) continued to suffer from the downward trend in iron ore, sliding 6.6% to GBp 56.50. Warsaw-listed Kernel (KER) gained 1.3% and Astarta (AST) surged 7.0% to PLN 31.10.
Fixed Income
Ukrainian sovereigns were higher on Tuesday with Ukraine-23s up by 0.4p.p. to 53.1/54.6 (19.4%/18.8%). Corporate names were slightly up. MHP-20s increased by 0.1p.p. to 80.2/81.9 (14.1%/13.5%) and Metinvest-18s improved by 0.6p.p. closing at 58.0/60.0 (34.4%/32.7%).
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