Kyiv-listed equities demonstrated notable growth on Wednesday (Dec 17), led by speculation that Ukraine’s national budget for 2015 will have only a limited deficit due to implementation of austerity measures. The UX index advanced by 3.0% to close at 1000 points. Beaten-down metallurgy stocks outperformed the broad market, with Yenakievo Steel (ENMZ) jumping 13.6% to UAH 21.49 and Avdyivka Coke (AVDK) surging 9.5% to UAH 1.83. Volume leaders CentrEnergo (CEEN) and Motor Sich (MSICH) rose by 1.1% and 2.0% respectively on combined turnover of UAH 4.1mn. Raiffeisen Bank (BAVL) gained 4.4%, ending just shy of the 10 kopeck mark. In second tier names, Yasynivsky Coke (YASK) rose 12.5% on thin turnover. London-listed JKX Oil&Gas (JKX) advanced by 3.9% to GBp 13.25 and its close peer Regal Petroleum (RPT) gained 16.7%, closing at GBp 5.25, while Ferrexpo (FXPO) edged up by 1.0% to near GBp 49. In Warsaw trading, Kernel (KER) trimmed part of its losses from the previous day, climbing 2.3%.
Fixed Income
Ukrainian long-term sovereigns finally saw a rebound on Wednesday, with Ukraine-23s improving by 3.6p.p. to 60.4/63.4 (16.4%/15.5%), although Ukraine-17s finished unchanged at 60.1/62.1 (33.4%/31.7%). Corporate names were mixed in lighter volatility than has been seen recently. DTEK-15s declined by 1.0p.p. to 75.0/78.0 (105.9%/91.1%) while MHP-20s rose 0.5p.p. to 65.9/67.9 (18.7%/17.9%).FIXED INCOME
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