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Analytics and Market news

Monday, 6 November 2017

Ukraine Weekly Market Monitor

Eavex Capital

Ukraine’s domestic stock market saw a slight correction last week to put an end to its six-week winning streak. Although there was no particular selling trigger, traders pushed blue chip quotes lower on technical factors. In economic news, MinAgro reported that Ukraine has exported 13.5mn tonnes of grain since the beginning of the 2017/2018 agricultural year (July-June). The country’s full-year 2017 grain harvest is expected at around 63mn tonnes, down from the record 66mn tonnes posted in 2016.

The UX index finished unchanged at 1255 points. Low-liquidity DonbasEnergo (DOEN) rose 1.4% to UAH 18.00 per share as market players expect the government will get rid of its remaining 25% in the company at an auction in December, setting a higher price benchmark for the stock. The company posted a net loss of 18 kopecks per share for 9M17. Motor Sich (MSICH) was in the plus column, climbing 1.0% to UAH 3065, while Raiffeisen Aval (BAVL) and CentrEnergo (CEEN) edged down by 0.4% and 0.5% respectively. UkrNafta (UNAF) was little-changed at UAH 142 after reporting a net loss of UAH 239mn for the third quarter.

In London, Ferrexpo (FXPO) saw a small upward correction of 0.9% to GBp 258 but remained in a local downward trend. MHP (MHPC) once again tested the USD 12 level for the first time in more than three years.

On the Warsaw Stock Exchange, Kernel (KER) disappointed, giving back most of the previous week’s rebound on a 5.6% loss to PLN 48.60 that could not be explained by any public news flow. Agroton (AGT) remained slightly above the PLN 4 mark amid a week of low activity.

The hryvnia remained in its autumn devaluation trajectory, losing 0.3% over the week and finishing barely inside the 27 UAH/USD psychological level; we expect this level to be defended by the NBU, as a further decline could result in speculative trouble for the currency.

POLITICS AND ECONOMICS

-  Ukraine Investigating Manafort’s Role in Justice Ministry Embezzlement

STOCKS IN THE NEWS

-  Raiffeisen Aval Beats Expectation with 3Q EPS of 2.1 Kopecks

-  UkrNafta Reports 3Q Loss of UAH 239mn On Asset Writedowns


full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

Alexander Klymchuk, Head of Sales, a.klymchuk@eavex.com.ua
Dmitry Churin, Head of Research, d.churin@eavex.com.ua


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