Locally-listed
Ukrainian equities continued to fluctuate in a narrow range on Wednesday (Jul
15). Among the day’s headlines, Canada and Ukraine concluded negotiations on a
free-trade pact, a deal that affects only a tiny slice of Ukraine’s commerce but
should still be politically significant in both countries. Also, Finance
Minister Natalia Jaresko met again with the country’s bondholders with time
running short to reach a restructuring deal before a possible default. The UX
index edged down 0.4% to close at 996 points. UkrNafta (UNAF) provided some
support to the benchmark, rising 1.0% on information that shareholders
affiliated with Igor Kolomoysky have given a preliminary green light to appoint
BG Group Kazakhstan top manager Mark Rollins as the new CEO of UkrNafta. On the
downside, Motor Sich (MSICH) declined by 0.7%, dipping back below UAH 2700 for
the first time since early June. In the steel sector, Azovstal (AZST) and
Yenakievo Steel (ENMZ) lost 0.7% and 3.5% respectively. London-listed Ferrexpo
(FXPO) was down 0.4% to close at GBp 59.50 while JKX Oil&Gas (JKX) added
2.6% to GBp 19.50, continuing to respond positively to news that an elevated
production tax imposed last year will be removed in October. In Warsaw, Astarta
(AST) advanced by 3.4% to PLN 33.10.
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