Market comment

Market comment



26 лютого 2015 года
Конкорд Капитал

Ukrainian equities declined in Europe but improved in Kyiv on Wednesday, Feb. 25. The WIG Ukraine Index of Warsaw-traded stocks slid 1.1%, or 2.6% in three straight negative sessions, pulled down by its biggest component, grain trader Kernel (KER PW -2.5%), which has fallen 6.4% in three straight losing sessions. In London, natural gas E&Ps led the declines: JKX Oil & Gas (JKX LN -6.4%) and Regal Petroleum (RPT LN -4.0%). The most active traded Ukrainian stock, iron ore miner Ferrexpo (FXPO LN), slid 0.8%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks rose 1.3%, led by oil producer Ukrnafta (UNAF UK +5.1%), which has gained 9.3% in two sessions.



The most amazing things happened on the Ukrainian ForEx market after the central bank banned on Wednesday the purchase of foreign currency by businesses and banks till the end of the week. Exporters, who get their hard currency from abroad, were still obliged to sell at least 75% of their currency on the market where the central bank (NBU) was effectively the single buyer. Being the only bidder, the NBU set the “market” dollar rate at UAH 28.04/USD. As the official free market of hard currency was frozen, panic prevailed on the black market, where dollars traded for up to UAH 40 in the morning and about UAH 30 in the evening. A day before, the interbank rate was UAH 32.0-33.5/USD. By the end of the business day, the NBU cancelled its currency purchase ban.

Источник: Конкорд Капитал

Аналитик: Максим Слободской
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