Ukraine’s equity market ended the week on a high note on Friday
(Mar 21), as Prime Minister Arseniy Yatseniuk signed the political portion of
Ukraine’s Association Agreement with the European Union in Brussels. With most
analysts in agreement that Crimea has de-facto seceded from Ukraine, investors’
focus is turning to more forward-looking developments in Kyiv such as the
possible renewal of IMF lending to the country in the near term. The UX index
gained 2.3%, finishing at its session high of 1027 points, although
USD-denominated equity values were undercut by a slide of some 12% in the
hryvnia against the major global currencies over the week. DonbasEnergo was the
top blue chip gainer, adding 3.9% to UAH 38.90, and UkrNafta ended just below
the UAH 200 level after a 3.0% rise. CentrEnergo led on volume with UAH 2.6mn in
turnover and picked up 1.7%, while most other names appreciated in line with the
overall index. In London, Ukraine’s top two agro issues moved in opposite
directions, with MHP sliding by 5.5% to USD 12.95 and low-liquidity Avangard
jumping by 13.2% to reclaim ground lost earlier in the
month.
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