Market comment

Обзоры рынка 20.03.2013 Investors slammed Ukrainian equities amidst fallout from the Cyprus deposit levy and expectations of falling iron ore prices. The WIG-Ukraine Index in Warsaw plunged 2.7%, weighed down by the tumbling shares of Coal Energy (CLE PW -12.9%) in a delayed reaction to its worsened February mining data released on March 15. Shares of grain trader Kernel (KER PW -4.0%) have plunged 7.0% in five straight losing sessions. Other big losers were mining firm Sadovaya Group (SGR PW -4.5%), Industrial Milk (IMC PW -3.2%) and Agroton (AGT PW -3.0%), which is otherwise up 4.5% for the month. In London, traders dumped their shares of mining firm Ferrexpo (FXPO LN -8.1%) after Rio Tinto and Goldman Sachs projected falling iron ore prices. Shares of egg producer Avangard (AVGR LI) dropped 3.9%. The Ukrainian Exchange (UX) Index in Kyiv was largely immune to the selling, increasing 0.2% with the help of Avdiivka Coke (AVDK UK +1.4%), Alchevsk Steel (ALMK UK +1.2%) and Yenakiieve Steel (ENMZ UK +1.2%).