Locally-listed equities started off the new week in the red on Monday
(Feb 22), as fighting in eastern Ukraine has picked up notably in recent days.
The resumption of hostilities across the front line to levels not seen since
last summer can be seen as a reflection of Russia’s desire to exploit Ukraine’s
current domestic political fragility. The UX index declined by 1.1% to close at
626 points. In the steel sector, Azovstal (AZST) lost 4.8% to 28.10 kopecks and
Alchevsk Steel (ALMK) shed 3.2% to 1.21 kopecks. Motor Sich (MSICH) corrected by
0.7% to UAH 1774 per share after two sessions of notable gains thanks to
better-than-expected financial results for full-year 2015. On the interbank
currency market, the hryvnia gave up 0.7% to close at bid/ask of 27.12/27.18
UAH/USD; the gap between the interbank rate and the cash rate has now almost
disappeared. In London, Ferrexpo (FXPO) surged 12.2% to GBp 23.00 amid an
overall rebound in commodity prices on global markets. Meanwhile, Avangard
(AVGR) slid 20% to 60 cents from its previous listed price. In Warsaw trading,
top liquid issue Kernel (KER) continued to rally, climbing 1.0% to PLN 48.50,
and sporadically-traded Astarta (AST) gained 5.2% to PLN 30.50.
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