Ferrexpo PLC (LSE:FXPO) soared in the wake of Donald Trump’s US presidential election victory as traders placed bets on an end to the war in Ukraine.
Shares in the Ukraine-based miner rallied 22% to 76p on Wednesday as confirmation came that Trump had beaten Kamala Harris in the race to the White House.
Finalto analyst Neil Wilson noted Ferrexpo was a “Ukraine peace play,” after Trump had previously vowed to end the Russia-Ukraine conflict in “one day” upon taking power.
Ferrexpo has continued to operate iron ore mines and pelletiser lines despite Russia’s invasion of Ukraine, which began in early 2022.
Ukrainian president Volodymyr Zelenskyy was among the first foreign leaders to congratulate Trump on his victory.
Zelenskyy said he looked forward to a “strong United States of America under President Trump’s decisive leadership.”
He added Ukraine relied “on continued strong bipartisan support [...] in the United States,” with Trump also previously committing to cut off aid for its fight against Russia.