Market comment

Market comment



16 грудня 2014 года
Конкорд Капитал

Ukrainian equities followed their Russian peers to collapse on the European markets on Monday, Dec. 15. The WIG Ukraine Index of Warsaw- traded stocks plunged 4.0%, weighed down by its top components: sugar maker Astarta (AST PW -8.0%) and grain trader and sunflower oil maker Kernel (KER PW -3.4%). Car battery maker WESTA (WES PW) plummeted 16.7% to its lowest price since its June 2011 IPO. Dairy firm Milkiland (MLK PW) plunged 5.7% to its lowest price since its December 2010 IPO. Outside the index, natural gas explorer and trader Serinus Energy (SEN PW) crashed 14.0%, or 21.2% in four sessions, to its lowest price since June 2013.



In London, the most actively traded Ukrainian stock, iron ore miner and pellet maker Ferrexpo (FXPO LN), collapsed 11.1% after Credit Suisse cut its rating to underperform. The shares have fallen 25.0% in four straight negative sessions to their lowest price since March 2009. Bank of Georgia (BGEO LN) plummeted 5.2%, or 11.3% in four straight losing sessions, to its lowest price since September 2013. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks improved 3.1%, fueled by steel maker Azovstal (AZST UK +6.1%), which has risen 9.8% in three straight positive sessions.



At the international fixed income market, the selloff intensified on Monday as Ukrainian CDSs reached their highs of the last 5.5 years. As a result, sovereign Eurobonds (UKRAIN) flew 127 bps on the long end and 371 bps on the shortest one. Most corporate bonds followed the declining trend, led by the longest bond of leading steel producer Metinvest (METINV ‘18) which fell 9.1% in the day. Another holding controlled by Rinat Akhmetov - energy giant DTEK (DTEKUA) - was the only exception in the day as its 2018 Eurobond bounced 6.5%.

Источник: Конкорд Капитал

Аналитик: Максим Слободской
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