Ukrainian Agri Stocks Rally on Global Risk-On Sentiment
The S&P 500 has roared back to record highs, fueled by a wave of market euphoria as investors aggressively bought equities amid easing geopolitical tensions. Oil and gold prices tumbled over the past week, falling 12% and 2.8%, respectively.
The benchmark index has staged a sharp V-shaped recovery, retracing losses from its previous peak on February 19 to the trough on April 8 and now fully reclaiming its all-time high. In dollar terms, the S&P 500 lost USD 9.8 trillion in market value from mid-February to early April, only to regain all of it over the past two and a half months.
The speed of the rebound caught many by surprise. The rally underscores how much liquidity remains in the system and how eager retail investors are to buy the dip in a market dominated by tech giants and AI-driven enthusiasm.
Some analysts warn the market’s trajectory is beginning to resemble a classic bubble. The S&P 500’s price-to-earnings ratio has climbed to 25 times forward earnings, well above the 10-year average of 19x.
Ukrainian agricultural stocks broadly benefited from the global risk-on mood last week. Kernel shares jumped 9.3% to PLN 17.50, boosting its market cap to USD 1.4bn. MHP rose 1.2% to USD 5.10 per share, valuing the company at USD 546mn. Astarta underperformed, slipping 1.5% to PLN 59.00, with a market cap of USD 398mn.
Ukrainian iron ore producer Ferrexpo advanced 7% to GBp 48.50, lifting its valuation to USD 391mn. Shares of Brazil’s Vale, a key global peer, also gained 7% last week, with a market cap of USD 42bn.
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