Market comment

Market comment



26 січня 2015 года
Конкорд Капитал

Ukrainian equities offered investors big gains and losses to conclude the week on Friday, Jan. 23. The WIG Ukraine Index of Warsaw-traded stocks was unchanged, finishing the week at a 4.8% advance. Its biggest component, grain trader and sunflower oil maker Kernel (KER PW), dropped 1.6%, concluding the week at a 7.4% gain. The illiquid shares of dairy firm Milkiland (MLK PW) skyrocketed 27.8%, finishing the week at a 35.6% surge. In London, iron ore miner Ferrexpo (FXPO LN) plunged 5.6%, concluding the week at a 5.9% advance. Natural gas explorer and trader Regal Petroleum (RPT LN) improved 4.3%, finishing the week at a 9.6% loss. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks fell 0.4%, concluding the week at a 3.0% loss. Mariupol-based Azovstal (AZST UK) plunged 7.4% on expectations of a Russian-sponsored terrorist attack, finishing the week at a 6.6% loss. Avdiyivka Coke (AVDK UK), besieged by terrorists, slid 2.7%, or 18.7% in six straight losing sessions.



On the fixed income side, there was a slight correction in sovereign bond prices on Friday after their decline in the first four days of the week. The YTM of the Ukrainian Eurobond (UKRAIN) maturing in September 2015 decreased 7.4pp to 88.4%, thus failing to reach the 100% threshold on Friday. The longest sovereign paper, with maturity in 2013, yielded 18.1% on Friday, or 1.5pp less vs. Thursday. On the corporate side, naturally, the most significant moves in YTMs were in bonds maturing in late April: DTEK’s Eurobond (DTEKUA) showed an all-time high YTM of 175% (+13.2 pp), while the yield of State Ukreximbank’s nearest bond decreased slightly, still yielding an alarmingly high 137%.

Источник: Конкорд Капитал

Аналитик: Максим Слободской
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