Market View

May 24, 2018

Fixed income: The sovereign underperformed somewhat on Wednesday, with most bonds on the curve closing slightly lower in price (-0.25pt) and 5-10bp wider in spread. A lack of follow-through in ACC news flow clearly played a role, though the overall market tone remained constructive. Aside from that, it was rather calm, with light selling in quasi-sovereigns and two-way flows in Metinvests.

Equities: The local index lost 3.4% yesterday, driven by a further 12.4% drop in CEEN after the stock went ex-dividend, its price correcting by the amount of DPS (UAH 3.84). Other names were divergent: UNAF -0.9%, BAVL -0.6%, DOEN +0.6% and TATM +0.2%. The broader KP-Dragon index fell by 2.5% as FXPO lost 2.4%, KER 0.7%, AST 0.2% and MHPC closed unchanged. We expect a mixed opening in Ukrainian names today amid weaker Asian and European markets, but a bit stronger iron ore prices could support FXPO.

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Name Close 1d, % 1m, % YTD, %
DAX 12,855 (0.94) 2.42 (0.48)
FTSE100 7,717 (0.92) 3.92 0.38
KP-Dragon 2,370 (2.28) (5.37) 6.46
MICEX 2,294 (0.07) 1.79 8.73
PFTS 450.8 (3.31) (4.90) 43.07
S&P500 2,728 (0.20) 3.54 2.03
UX 1,663 (5.82) (8.25) 21.98
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