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Analytics and Market news

Monday, 20 August 2018

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities were mostly inactive last week as the traditional mid-August vacation period led to a drying up of Kyiv-listed stocks’ liquidity. News that the IMF monitoring mission is due to arrive in Ukraine on Sept 6 raised expectations that the Fund will release its long-delayed USD 1.9bn loan tranche to the country, but it had no impact on the equity market. Official data that Ukraine’s GDP grew by 3.6% YoY in 2Q18 was also ignored by traders. Ukraine’s economy has now seen growth for 10 consecutive quarters, recovering from the crisis period of 2014-2015 amid the active phase of the Donbass war.

The UX index added 0.8% last week to close at 1633 points. CentrEnergo (CEEN) gained 1.3% to UAH 15.00 while its close peer DonbasEnergo (DOEN) fell 1.0% to UAH 23.50. UkrNafta (UNAF) climbed 0.9% to UAH 112 and Raiffeisen Bank Aval (BAVL) was essentially unchanged at 31.90 kopecks. TurboAtom (TATM) dropped by 3.9% to UAH 13.90 per share.

The stock of London-listed poultry producer MHP (MHPC) reacted negatively to information that the company plans to build a large corn processing facility in Vinnytsa province at a cost of USD 600mn. MHP shares declined by 2.3% to USD 12.50. We assume that investors see a risk in MHP’s high debt burden amid an increasingly hawkish interest rate environment. Iron ore producer Ferrexpo (FXPO) lost 10.3% to close at GBp 155 after three weeks of elevated volatility. JKX Oil&Gas (JKX) traded near GBp 30 last week after a report that MP Vitaliy Khomutynnik acquired a 20% stake in the company.     

In Warsaw, sugar producer Astarta (AST) fell 3.3% to PLN 32.40 after the company unveiled a disappointing 50% slide in its net profit in 1H18. The stock has been in a downward trend since January, when it peaked near PLN 60 per share.  

On the interbank currency market, the hryvnia lost another 1.6% against the dollar, closing at 27.75 UAH/USD on Friday (Aug 17). 

POLITICS AND ECONOMICS

- Merkel Backs Nord Stream 2 at Summit with Putin

- Ukraine’s GDP Growth Accelerates to 3.6% YoY in 2Q18

STOCKS IN THE NEWS

Astarta’s 1H Profit Drops by 50% YoY on 30% Slide in Revenue

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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