Market View

April 24, 2018

Fixed income: The sovereign curve remained under pressure, with every day recently bringing a new reason for weakness. Yesterday, taking its turn was a selloff in global EMs (presumably influenced by DM rates), particularly high-yield Sub-Saharan bonds. As a result, Ukraine bonds were down a full 1pt at one moment, with the 32s offered at 92.75, though all of the action seemed to be happening on light volumes. That didn’t last long, however, with the offer getting lifted and gradual buying in the afternoon taking the curve to close nearly unchanged (-0.25pt).

Equities: Monday was very sluggish for both local and international stocks in Ukraine. Among locally listed names, a 0.2% gain in UNAF was offset by losses in BAVL (-0.5%) and CEEN (-0.1%). Abroad, KER rose by 1.3% while MHPC closed unchanged. Also, investors were active in FXPO, which traded between GBp 226-239 and closed 0.6% lower. As global markets are stronger today, we expect Ukrainian equities to open in positive territory.

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Name Close 1d, % 1m, % YTD, %
DAX 12,572 0.25 5.77 (2.67)
FTSE100 7,399 0.42 6.89 (3.76)
KP-Dragon 2,511 (0.49) 1.42 12.77
MICEX 2,251 0.82 (1.51) 6.70
PFTS 371.2 0.19 4.73 17.83
S&P500 2,670 0.01 3.17 (0.12)
UX 1,819 0.00 10.56 33.44
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