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Analytics and Market news

Monday, 12 August 2019

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian stock market corrected slightly last week with the PFTS index declining by 0.2% to 536 points. There were several disappointing corporate reports which drove selling in blue chips. The country’s oil flagship producer UkrNafta (UNAF) unveiled a net loss of UAH 278mn for 2Q19 against expectations of solid profit for the period. The UNAF stock shed 1.2% to UAH 159 per share. In the electricity generation sector, CentrEnergo (CEEN) posted a record high net loss for 2Q19, sending the stock’s quotes down by 1.4% to UAH 10.85. DonbasEnergo (DOEN) also disappointed with a net loss for the second quarter. The stock inched down 0.2% to UAH 23.67. Raiffeisen Bank Aval (BAVL) was the exception among local blue chips, posting net profit of UAH 1.3bn for 2Q19 which translates into 2.1 kopecks per share. The stock did not react to the profit announcement, trading at 29.30 per share.     

Meanwhile, the Ukrainian agriculture sector continued to deliver a strong performance, with national grain exports rising by 40% YoY in monetary terms and bringing in USD 4.5bn 1H19. In volume terms, the grain exports amounted to 26.2mn tonnes in the period. The largest deliveries, accounting for 15% of the total, were directed to Egypt. Separately the government said that this year’s grain harvest has reached 35.6mn tonnes as of mid-season, exceeding last year’s harvest by 10% for the same date.   

In London trading, Ferrexpo (FXPO) slumped 13% to GBp 224 amid a sharp drop in benchmark iron ore prices from USD 120 per tonne to USD 97/tonne. MHP (MHPC) remained below the psychological technical line of USD 10 per share, listing at USD 9.62.

Warsaw-listed Ukrainian agro names were all in the red, with Kernel (KER) slipping 0.5% to PLN 48.70, Astarta (AST) dropping by 4.9% to PLN 23.30, and Agroton (AGT) losing 12% to close at PLN 2.95 per share. 

The hryvnia enjoyed more gains against the dollar, adding 0.8% to 25.17 UAH/USD. The National Bank reported that the country’s foreign currency reserves rose by USD 1.2bn in July to USD 21.8bn, covering an equivalent of 3.4 months of future imports.

POLITICS AND ECONOMICS

- Honcharuk Heads List of Prime Minister Candidates

STOCKS IN THE NEWS

UkrNafta Suffers 2Q Net Loss of UAH 278mn in Amid Lower Sales

CentrEnergo Posts Record Quarterly Net Loss of UAH 1.2bn for 2Q19

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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