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Analytics and Market news

Monday, 20 May 2019

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks saw a mixed performance last week amid a turbulent situation on global financial markets caused by the US-China trade conflict. In local economic news, Ukraine’s GDP grew by 2.2% YoY in 1Q19 according to preliminary estimates. The growth remains considerably slower than most investors anticipated two or three years ago when the reform agenda should have been help to improve the business climate.  

The PFTS index was little-changed, inching down by 0.2% to close at 571 points on Friday (May 17). CentrEnergo (CEEN) and Raiffeisen Bank Aval (BAVL) finished in negative territory, losing 3.5% and 1.3% respectively. CentrEnergo stock was hit by news that the company had a net loss of UAH 110mn in April amid low thermal electricity tariffs in the period. Meanwhile, UkrNafta (UNAF) supported the index, gaining 1.9% to UAH 160 per share. DonbasEnergo (DOEN) was unchanged at UAH 29.75 after the company set the ex-rights date for its UAH 1.32 dividend payout on May 28. The actual dividend payment will be made during 3 months starting in late June.     

In London trading, Ferrexpo (FXPO) bounced back by 4.2% to GBp 224 while MHP (MHPC) declined by 1.4% to USD 10.40 per share. Natural gas producer Regal Petroleum (RPT) dropped by 3.5% to GBp 38.50.

Warsaw-listed Kernel (KER) climbed 1.6% to PLN 50.60, moving back above the support line of PLN 50 per share. Astarta (AST) slumped by 5.6% to PLN 23.60 after reports that this year’s sugar beet harvest is expected to be substantially lower this season. This is part of a normal multi-year cycle whereby domestic sugar output falls, eventually driving sugar prices higher in the following season, which benefits Astarta.

On the interbank market, the hryvnia lost its steam for appreciation, weakening by 0.8% against the dollar to 26.40 UAH/USD. The Ukrainian currency still holds a gain of 4.6% against the dollar since the start of the year.

POLITICS AND ECONOMICS

- Zelenskiy Dismisses Parliament Without Constitutional Basis

- Ukraine’s GDP Growth Estimated at 2.2% YoY in 1Q19

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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