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Analytics and Market news

Tuesday, 2 October 2018

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities finished mixed last week, having traded in a narrow corridor through the entire month of September. Equity investors were unimpressed by news that UkrStat reported 3.8% YoY GDP growth for 2Q18, raising the figure from the preliminary estimate of 3.6%. In major political developments, President Poroshenko reportedly had a one-on-one meeting with his US counterpart Donald Trump at the UN General Assembly in New York which lasted around 20 minutes. No details about the meeting’s content have been made public.       

The UX index added 1.5% for the week to close at 1657 points. The Ukrainian Exchange announced that it has resumed quote-driven trading for the first time since June, but full-mode trading remains unavailable due to the software replacement process. Meanwhile, trading on the smaller PFTS exchange continued with low activity.

In individual corporate stories, the State Property Fund announced that privatization of the government’s 78% stake in CentrEnergo (CEEN) will take place next month. The valuation was set at UAH 5.98bn (USD 212mn), which corresponds to UAH 16.20 per share. The stock advanced by 5.0% last week to close at UAH 15.26. DonbasEnergo (DOEN) fell 6.4% to UAH 26.00 after briefly touching a local maximum of UAH 28.50 and UkrNafta (UNAF) edged up by 0.4% to finish at UAH 112. We expect that UkrNafta to report strong 3Q18 earnings later this month thanks to the ongoing rally in global oil prices. In second tier names, railcar maker Krukiv Wagon (KVBZ) was unchanged at UAH 10.20.  

In London trading, Regal Petroleum (RPT) hovered near its local maximum, ending the week at GBp 42.40. Poultry giant MHP (MHPC) was flat at USD 12.40 and Ferrexpo (FXPO) made it back to the GBp 200 per share level as the iron ore outlook brightened.

In Warsaw trading, top liquid name Kernel (KER) ended little-changed at PLN 50 on the nose. The sporadically-traded stock of shell egg producer Ovostar (OVO) climbed 1.0% to PLN 102 per share.

On the interbank currency market, the hryvnia inched down by 0.6% against the dollar, ending the week at 28.24 UAH/USD.

POLITICS AND ECONOMICS

- Election 2019: Baloga Ignites Talk of Grytsenko-Vakarchuk Alliance

- Industrial Output Shows Unexpected 0.5% YoY Drop in August

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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