The Ukrainian stock market surged on Friday following Victor Yanukovych’s visit to Moscow. The visit was hailed as a success and should lead to improved Ukraine-Russia relations. The market rose 4.1% and the UX Index posted a huge 8.4% weekly return for the first trading week of spring. The recovery was led by the substantial growth of the most liquid names. The leader in terms of trading volume was Ukrtelecom, which rose 3.1% despite problems with servicing external debt. Ukrnafta was up 5.5%, Enakievo Steel jumped 6.9%, Avdeevka Coke rose 4.3%, Azovstal increased 5.6% and Alchevsk Steel was up 5.6%. Banks followed suit after major Ukrainian shareholders sold a blocking stake in Bank Forum: Ukrsotsbank added 4.8% and Bank Aval advanced by 6.8%. This week, investors will be keeping an eye on February macroeconomic data and coalition talks, which, hopefully, will not disappoint. We expect limited growth to continue for the time being.