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Analytics and Market news

Monday, 22 July 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks edged higher ahead of the national parliamentary election held on Sunday (Jul 21), with the PFTS index climbing by 1.1% over the week to close at 545 points. Polls predicted (accurately) that President Zelenskiy’s People’s Servant (SN) party would secure around 43% of the national party list votes, implying that the president could enjoy levels of political dominance rarely seen before in Ukraine. We assume that SN will be able to form a government without the help of any junior coalition partners by securing loyalty from the independent MPs elected from geographic districts. Since becoming president, Zelenskiy has been warmly greeted by Ukraine’s western backers, after his reassurances that Kyiv would maintain EU integration plans.

Among individual stocks, Raiffeisen Bank Aval (BAVL) gained 1.3% to 30.40 kopecks and CentrEnergo (CEEN) rose 1.8% to UAH 11.20. UkrNafta (UNAF) declined by 2.9% to UAH 170 after the company sold an unimpressive volume of oil at its regular monthly auction. The contract price for oil was fixed at UAH 62 per barrel.

In London trading, Ferrexpo (FXPO) had a quiet trading week, edging up by 0.9% to close at GBp 266 per share. MHP (MHPC) fell 2.9% to the USD 10 support line after news that there could be an investigation into state subsidies received by the company in 2017-2018.

Warsaw-listed agro names were lower, with Kernel (KER) dropping by 2.7% to PLN 50.60 and Astarta (AST) losing 2.5% to PLN 23.80 per share.

The hryvnia experienced elevated volatility over the week, slipping to 26.06 UAH/USD before strengthening back to 25.75 UAH/USD. The National Bank’s decision to cut its key interest rate by 50 bps to 17.00% did not appear to impact the interbank currency market.

POLITICS AND ECONOMICS

- Zelenskiy’s SN Dominates Russophone Districts, Wins Outright Majority

STOCKS IN THE NEWS

MHP’s Poultry Sales Increase by 18% YoY in 2Q19

Kernel’s Sunflower Oil Sales Volume Up 7% YoY in Apr-Jun Quarter

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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