Market Comment

Ukrainian equities showed little movement on Thursday, July 3, with a few exceptions. The WIG Ukraine Index of Warsaw-traded stocks rose 0.6%, led by sugar maker Astarta (AST PW +1.7%). In London, the most actively traded Ukrainian stock, iron ore miner Ferrexpo (FXPO LN), slid 0.8%. Natural gas E&P Regal Petroleum (RPT LN) jumped 15.7% after the company published its operating results for 1H15. Egg producer Avangardco (AVGR LI) plunged 9.8%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks increased 0.2%, led by steel producer Azovstal (AZST UK +2.3%). Instead, some large movement was noticed in Ukrainian sovereign and quasi Eurobonds. The decreased risk of a debt moratorium fueled demand for government notes (UKRAIN), with bonds maturing in June 2016 and September 2020 gaining 3.6% and 4.1%, respectively.

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