Market comment

Обзоры рынка 25.07.2013 Ukrainian equities followed the lead of European stocks, which climbed to their eight-week high in trading on Wednesday, July 24. The WIG Ukraine Index of Warsaw-traded stocks rose 1.9%, extending its gains to 4.1% over three straight winning sessions. At the forefront were shares of egg producer Ovostar (OVO PW +5.2%) and sugar producer Astarta (AST PW +2.8%), which have advanced 15.5% over six straight positive sessions to reach a 22-month high. In bottom-fishing activity, Coal Energy (CLE PW +1.9%) has improved 10.2% over the last three sessions. In London, JKX Oil & Gas (JKX LN) jumped 6.5%, extending its hot streak to three sessions at an 8.5% gain. Iron ore miner Ferrexpo (FXPO LN +1.4%) has risen 6.1% over three straight advancing sessions. The Ukrainian Exchange (UX) Index of Kyiv-traded stocks increased 0.3%, with Raiffeisen Bank Aval (BAVL UK +1.5%) and GenCo Centrenergo (CEEN UK +1.5%) leading the gains. Traders kept shedding their Alchevsk Steel shares (ALMK UK -0.5%), which have slid 3.5% in four straight losing sessions. The company disappointed the market on July 23 with its 1H13 earnings report.