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Analytics and Market news

Monday, 29 July 2019

Ukraine Weekly Market Monitor

Eavex Capital

Ukraines PFTS equity index remained in a sideways local trend last week, edging down by 0.9% to 540 points. The political and geopolitical news flow had a noticeable impact on local traders sentiments. The Ukraine-Russia relationship saw an additional line of confrontation after Ukraines Security Service (SBU) seized a Russian tanker that Moscow allegedly used to block three Ukrainian naval vessels before detaining them and 24 Ukrainian sailors in November near Crimea. Russias Foreign Ministry said it was currently investigating the incident and warned Kyiv of a harsh response.

In the individual PFTS index basket names, DonbassEnergo (DOEN) slumped by 6.1% to UAH 23.72 per share after the company decided to sign an exclusive contract to sell electricity to a trading entity controlled by DOENs majority shareholder. We assume that this transfer pricing deal could limit DonbassEnergos profitability. Minority shareholders that voted against the deal at the extraordinary shareholder meeting on Jul 26 will have the option to sell off their DOEN shares at UAH 28.92. Raiffeisen Bank Aval (BAVL) rose 1.0% to 30.70 kopecks while CentrEnergo (CEEN) and UkrNafta (UNAF) declined by 2.1% and 5.9% respectively, with the latter closing at UAH 160.

In London trading, Ferrexpo (FXPO) corrected by 2.3% to GBp 260 while benchmark iron ore prices appeared to consolidate near USD 120/tonne after their stunning 40% rise since mid-April. Poultry producer MHP (MHPC) slipped 1.6% to USD 9.94 amid fears that the company might be facing a serious confrontation with Ukraines new government over previously received state subsidies.

Warsaw-listed agro names were mixed, with Kernel (KER) dropping by 3.3% to PLN 48.95 while Astarta (AST) advanced by 2.9% to PLN 24.50 per share after the company reported an encouraging operating update for 2Q19. In particular, Astarta increased its sugar sales volume by 8% YoY in the period.

On the currency front, the hryvnia remained strong, gaining 1.4% against the dollar to 25.38 UAH/USD.


- Zelenskiy Attacks Klitschko in Power Play for Control of Capital

- Ukraines Industrial Production Contracts by 2.3% YoY in June


UkrNafta Raises Oil Output by 6.3% YoY to 5.5mn Barrels in 1H19

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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