Market comment

Market comment



22 січня 2015 года
Конкорд Капитал

Ukrainian stocks found demand on international exchnages on Wednesday, Jan. 21. The WIG Ukraine Index of Warsaw-traded stocks rose 1.9%, or 5.6% in two sessions. Its biggest component, grain trader and sunflower oil maker Kernel (KER PW), gained 3.5%, or 10.5% in three straight positive sessions. Sugar maker Astarta (AST PW) improved 1.4%, or 4.0% in two sessions. In London, iron ore maker Ferrexpo (FXPO LN) advanced 3.7%. Natural gas explorer Regal Petroleum (RPT LN) plunged 13.3%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks slid 0.1%, weighed down by leading oil producer Ukrnafta (UNAF UK -1.6%). Avdiyivka Coke (AVDK UK) dropped 2.8%, or 14.2% in four straight losing sessions, as it endures attacks from pro-Russian separatists.



A massive selloff hit Ukraine’s Eurobonds after Bloomberg cited Finance Minister Natalie Jaresko’s Davos speech, in which she mentioned talks with creditors on "how to improve debt sustainability in the medium term." The yields of the two shortest Ukraine sovereign bonds (UKRAIN 09’15 and UKRAIN 06’16) increased 544 bps, while yields of its longest four bonds (maturing in 2020-2023) advanced 52-99 bps during the day. The 2015 bond of Ukreximbank (EXIMUK) lost 1.6% in the session and its YTM increased 8.7pp to 117%. The biggest decliner was the 2015 Eurobond of integrated coal and power holding DTEK (DTEKUA), whose Krymenergo power generator faced nationalization by the Russians in Crimea. Its price fell 2.7% to 72.5% of par, prompting a jump in its YTM by 18.3pp to a record high of 157%.

Источник: Конкорд Капитал

Аналитик: Максим Слободской
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