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Analytics and Market news

Tuesday, 18 June 2019

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv extended their downward move last week, with the start of the slow summer trading season making local investors less active on the market. Among the main headlines for the week, the IMF officials confirmed that cooperation with Ukraine could be resumed after the completion of parliamentary elections in the country late next month. Meanwhile, the Finance Ministry used a window on the international market to raise EUR 1.0bn through a placement of 7-year Eurobonds at 6.75%. The final yield for the issue was lower than initial guidance of 7.125% due to solid demand of EUR 5.5bn for the bond from investors.

The PFTS index edged down by 0.4% to close at 552 points. UkrNafta (UNAF) took the most points from the gauge, falling 1.8% to UAH 161 per share despite an encouraging report that the company is satisfied with a new natural gas infrastructure project in cooperation with JKX Oil&Gas (JKX) in Poltava province. In the utility sector stocks, both CentrEnergo (CEEN) and DonbasEnergo (DOEN) were unchanged, with the former remaining at UAH 11.80. Raiffeisen Bank Aval (BAVL) added 0.7% to 30.20 kopecks, ending the stock’s post-dividend correction that had been running since mid-May.

In London trading, Ferrexpo (FXPO) remained on a growth trajectory, advancing by 5.9% to GBp 261 per share as it continues to recover from a charity-related corporate scandal that knocked more that 20% off the share price in April. Poultry producer MHP (MHPC) climbed by 2.5% to USD 10.25 after the company posted mixed financial results for 1Q19.

Warsaw-listed Kernel (KER) was little changed at PLN 48.85, the PLN 50 line once again acting as a resistance level for the stock. Astarta (AST) edged up 0.4% to PLN 24.40.

On the currency front, the hryvnia nearly flat against the dollar, ending at 26.47 UAH/USD

POLITICS AND ECONOMICS

- William Taylor Returning as Top US Diplomat in Ukraine

- Ukraine’s Headline Inflation Jumps 0.8p.p. to 9.6% YoY in May

STOCKS IN THE NEWS

MHP’s 1Q Net Profit Down 63% YoY Despite 42% Increase 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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