Market comment

Обзоры рынка 19.03.2014 Ukrainian equities extended their rebound despite the Russian government declaring its annexation of Crimea on Tuesday, March 18. The WIG Ukraine Index of Warsaw-traded stocks improved 4.0%, or 11.3% in two sessions. The gains were fueled by grain trader and sunflower oil producer Kernel (KER PW +4.9%), which has advanced 16.5% in four straight positive sessions. Traders continued to speculate on farmer Agroton (AGT PW +10.9%) after it collapsed 10.2% in the previous session. Dairy producer Milkiland (MLK PW +9.5%) has surged 17.5% in two sessions, sugar producer Astarta (AST PW +6.1%) has surged 16.9% in two sessions and car battery maker WESTA (WES PW +5.8%) has jumped 19.6% in two sessions. KDM Shipping (KDM PW) plunged 6.9%, almost returning to its all-time low. In London, the most widely traded Ukrainian stock, iron ore miner Ferrexpo (FXPO LN +3.7%) has risen 6.6% in three straight positive sessions. Poultry producer MHP (MHPC LI +3.1%) has improved 8.6% in three straight gaining sessions. Cadogan Petroleum (CAD LN) dropped 4.9%. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks rose 2.4% led by Alchevsk Steel (ALMK UK +4.7%). Oil producer Ukrnafta (UNAF UK+4.2%) has gained 6.4% in three straight winning sessions. Outside the Index, Kryukiv Railcar (KVBZ UK) jumped 17.1% while chemical maker Stirol (STIR UK) slid 3.7%. The UX Agro Index rose 2.5%.