The
UX index finished essentially unchanged on Friday (Sept 25) at 884 points.
However, the gauge was quite volatile during the session amid trilateral energy
talks between Kyiv, Moscow and Brussels regarding the so called “winter gas
package”, which ultimately saw the fourth-quarter price of Russian gas for
Ukraine set at USD 232/1000 cu-m. Meanwhile, the UX index components were mixed.
CentrEnergo (CEEN) had another terrible day, falling 3.4% to an 15-month low of
UAH 5.95 per share. Motor Sich (MSICH) edged down by 0.4% to UAH 2518 while less
liquid DonbasEnergo (DOEN) rose 2.4% to UAH 18.40. On the interbank currency
market, the hryvnia weakened by 1.4% against the dollar to close at bid/ask of
21.70/21.85 UAH/USD. In London, beaten-down issues Ferrexpo (FXPO) and Avangard
(AVGR) regained 2.1% and 4.6% respectively, with the former ending at GBp 35.75.
On Friday we revised our target price for Ferrexpo from GBp 48 to GBp 23 per
share, reiterating a SELL recommendation for the stock. Warsaw-listed Kernel
(KER) reached a new local maximum of PLN 45.70 on a 1.0% rise, while Astarta
(AST) shed 6.2% to close at PLN 26.20.
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