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Analytics and Market news

Monday, 9 September 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks ended virtually unchanged last week with the PFTS index closing just 0.1% higher at 528 points. The National Bank’s move to cut the key refinancing rate from 17.00% to 16.50% had no impact on the local stock market. The rate cut had been expected to be even larger before July’s above-target inflation figure of 9.1% was released.

In individual blue chips, UkrNafta (UNAF) remained at UAH 145 per share, ignoring business media reports that state-run energy giant NaftoGaz put into its financial plan a payment of UAH 17bn to UkrNafta for previously delivered natural gas. However, the payment could still be frozen by the new government. Raiffeisen Bank Aval (BAVL) and CentrEnergo (CEEN) were also inactive over the week, with the latter finishing at UAH 10.86 per share.

In London trading, Ferrexpo (FXPO) dipped below the support level of GBp 200. The stock lost 5.0% to close at GBp 192 amid further slippage in the benchmark iron ore price, which has corrected from a peak of USD 120 per tonne to USD 92 per tonne since mid-July. Poultry producer MHP (MHPC) had a volatile trading week, falling to a level slightly below USD 9.00 and then recovering to USD 9.20 after the company reported a quite impressive 2Q19 net profit of USD 1.31 per share.

Warsaw-listed Ukrainian agro stocks were mixed. Agroton (AGT) dropped by 8.0% to PLN 2.87 after the company posted financial results for 1H19 that showed substantially lower net profit year-on-year. Sugar producer Astarta (AST) climbed 1.3% to PLN 23.30 and Kernel (KER) inched down by 0.2% to PLN 45.00.

The hryvnia once again demonstrated strength, gaining 0.3% to 25.08 UAH/USD after the country’s foreign currency reserves grew to USD 22bn. The National Bank said it had purchased USD 300mn from the market in August.


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MHP Increases Net Profit by 38% YoY to USD 138mn in 2Q19

Agroton Reports EPS of PLN 0.51 for 1H19, Missing Expectations

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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