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Analytics and Market news

Monday, 15 July 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks finished in the red last week, failing to find support from local traders who are becoming more and more dissatisfied with the markets lack of liquidity. The PFTS index shed 1.5% to close at 539 points after gaining 1.0% over the preceding week. The Ukrainian stock market index has lost 3.6% since the year start, significantly underperforming the broad MSCI emerging market gauge, which has added 8.7% YtD.

Shares of Raiffeisen Bank Aval (BAVL) edged down 1.5% to 30 kopecks on the nose, while CentrEnego (CEEN) was unchanged at UAH 11.00 and DonbasEnergo (DOEN) fell 3.1% to UAH 25.54 as the company announced a special shareholders meeting with the agenda containing a so-called item on large deals. The DOEN minority shareholders who vote against the large deals at the meeting will receive a guaranteed option to sell their shares to the company at a predetermined price. Quotes for UkrNafta (UNAF) were flat at UAH 175 amid expectations that the company will post a solid net profit for 2Q19. Unconfirmed reports are saying that UkrNaftas primary cost for production of 1 barrel of crude oil was USD 18.50 in June.

In London trading, Ferrexpo (FXPO) was little-changed at GBp 263 per share as benchmark iron ore prices remained strong. MHP (MHPC) regained 1.5% to USD 10.30 after dropping earlier this month on information that the national Anti-Monopoly Committee opened a case against the company. JKX Oil&Gas (JKX) slid 4.8% to GBp 37.70 despite the companys release of an upbeat operational update showing an increase in gas production by 7.1% QoQ in Ukraine in 2Q19. The negative point for JKX, however, was a fall in the average achieved gas price by 20% QoQ in the period. In Warsaw, Kernel (KER) gained 1.4% to PLN 52.00 while Astarta (AST) corrected by 2.4% to PLN 24.40 per share.

On the currency front, the hryvnia inched down by 0.3% against the dollar to 25.78 UAH/USD. The National Bank continued to purchase foreign currency, reporting that over the month of June the countrys forex reserves increased by a whopping USD 1.2bn to USD 20.6bn.

POLITICS AND ECONOMICS

- Zelenskiy Support Edges Back Up with 1 Week Left Before Vote

- Ukraines Headline Inflation Falls 0.6p.p. to 9.0% YoY in June

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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