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Analytics and Market news

Monday, 19 February 2018

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities ended mixed last week due to the influence of disparate corporate news. In economic data, UkrStat announced that the country’s GDP grew by 1.8% YoY and 0.4% QoQ in 4Q17. Although the figures do not look impressive, it should be noted that there is a negative bias in the comparison base due to the inclusion of part of the economic output of the Donbass occupied territories in the 4Q16 data (starting in 2Q17, such output is no longer being counted).

The UX index ticked up by 0.7% to 1461 points. Raiffeisen Bank Aval (BAVL) added the most points to the gauge, rising 2.7% to 32.00 kopecks. The stock got a boost earlier this month after a preliminary report indicated that the bank earned 7.27 kopecks per share for FY17. Motor Sich (MSICH) was also among blue chips that finished in the black, climbing 0.5% to UAH 4385. Meanwhile, UkrNafta (UNAF) slid 3.2%, briefly testing the strong psychological support level of UAH 100. The stock suffered a sell-off on concerns about ability to prolong 27 oil&gas licenses that are expiring this year. In 2017, the company extended 8 licenses, but the government and the State Geological Agency did not make this an easy process for the company. Low-liquidity DonbasEnergo (DOEN) lost 1.9% to end at UAH 16.00, expanding its drop from a local peak of UAH 18.00.

London-listed MHP (MHPC) edged down by 0.7% to USD 13.90 per share, while Ferrexpo (FXPO) surged 14% to GBp 296. In Warsaw trading, Agroton (AGT) showed increased activity, advancing 10% to PLN 4.70. Kernel (KER) climbed 0.9% to PLN 47.40 and Astarta (AST) picked up 2.3% to close at PLN 53.00.

The hryvnia maintained its local upward momentum, edging up by an additional 0.2% against the weakening dollar to finish at 26.90 UAH/USD. Among positive factors supporting the hryvnia was an inflow of foreign currency from non-resident investors for the purchase of UAH-denominated sovereign bonds, which now offer a yield of nearly 16% at the primary MinFin auctions. The government sold several issues of UAH-denominated bonds in a total amount of UAH 1.5bn last week.

POLITICS AND ECONOMICS

- Odessa Mayor Truxanov Arrested, Released After Corruption Charge

- Headline Inflation Edges Up to 14.1% after January Data

STOCKS IN THE NEWS

-UkrNafta Hoping to Double Oil Output to 15mn Barrels by 2021


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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