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Analytics and Market news

Monday, 24 June 2019

Ukraine Weekly Market Monitor

Eavex Capital

Trading activity in Kyiv-listed stocks remained subdued despite an encouraging news flow on the political front, with the PFTS index ending virtually unchanged for the week, inching up by 0.1% to 553 points. President Volodymir Zelenskiy met with business community leaders and promised to create a positive international image of Ukraine, emphasizing that he wants to improve the country’s place in the often-cited Doing Business rating. Among other positive news, the US House of Representatives has approved bills that provide nearly USD 700mn in support to Ukraine. Meanwhile, members of the EU delegation to Ukraine hinted that the country could receive the second tranche of EU macro-financial assistance in the amount of EUR 500mn by the end of 2019 after fulfilling several conditions mainly related to fight against corruption.

In individual stocks, UkrNafta (UNAF) was flat at UAH 160, although there was negative news that company failed to conduct its second oil auction in a row this month. We assume that the starting price of USD 63 per barrel was too high for potential buyers at the date of the auction (Jun 19). CentrEnergo (CEEN) and Raiffeisen Bank Aval (BAVL) both edged up by 0.3%, with the latter closing at 30.30 kopecks, while TurboAtom (TATM) slipped 1.3% to UAH 11.60 per share.

Ukrainian stocks listed in London were mixed. Ferrexpo (FXPO) continued its uptrend with a moderate rise of 1.3% to GBp 264 per share. On the downside, JKX Oil&Gas (JKX) fell 5.2% to GBp 38.30 as spot prices for natural gas continue to decline. Regal Petroleum (RPT) lost 7.6% to GBp 37.90 after the company’s majority shareholder, the Smart-Holding group of industrialist and MP Vadim Novinsky, said it intends to stop its buyout of free-floating shares. Smart-Holding reported that it increased its stake in Regal from 54% to 82.6% after purchasing RPT shares from the EastOne Group of Ukrainian businessman Victor Pinchuk.

In Warsaw, top liquid name Kernel (KER) declined by 2.9% to PLN 47.55.

The hryvnia gained 1.2% to 26.16 UAH/USD, with traders shrugging off the National Bank’s decision to lift its requirement which obliged entrepreneurs to sell 30% of their foreign currency proceeds on the interbank FX market.

POLITICS AND ECONOMICS

- Poroshenko’s Party Polling Weakly as Jul 21 Election Date Confirmed

- NBU Taking Legal Action to Fight Adverse PrivatBank Rulings

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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