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Analytics and Market news

Tuesday, 15 October 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks traded in a sideways trend last week amid an intensive political news flow from President Zelenskiy’s first press conference. Among other things, Zelenskiy said he is not satisfied with the way provisions of the Minsk Agreements are being implemented and intends to raise this issue at a meeting of the leaders of the so-called Normandy-format countries (Ukraine, Germany, France, and Russia). The date of the next summit of the Normandy Four could be set by the end of the month.

The PFTS index ticked down by 0.1% to close virtually unchanged at 526 points. The two utility sector blue chips moved in opposite directions, with CentrEnergo (CEEN) declining by 3.7% to UAH 9.92 while DonbassEnergo (DOEN) gained 3.3% to UAH 27.36 per share. Raiffeisen Bank Aval (BAVL) edged up by 0.3% to 30.60 kopecks after information that the bank’s net profit was UAH 3.16bn for 8M19 (5.13 kopecks per share). In individual PFTS index components, UkrNafta (UNAF) corrected by 1.3% to UAH 150 per share.

In London-listed Ukrainian stocks, Ferrexpo (FXPO) was again under pressure, falling 5.7% to GBp 147. Poultry producer MHP (MHPC) was also weak, slipping 0.9% to USD 8.44 per share.

Warsaw-listed Ukrainian agro companies extended their losing streak, with Kernel (KER) decreasing by 3.3% to PLN 41.95 despite a report that the company’s largest shareholder Andriy Verevsky purchased some 37,000 shares from the market in early October at an average price of PLN 42.74. The main reason behind the recent declines in Ukrainian agro stocks listed both in Warsaw and London is the impending land reform in Ukraine, which has raised concerns regarding the way in which large agro companies will operate their land banks. It obvious that these companies do not have the financial resources to purchase all of the land which they lease under the current system.

On the currency front, the hryvnia appreciated by 0.7% to 24.62 UAH/USD last week. The National Bank’s admission that the country’s foreign currency reserves fell by more than USD 500mn to USD 21.4bn in September appeared to have no influence on the market. Today UAH/USD pair traded at 24.82.

POLITICS AND ECONOMICS

- Zelenskiy Declines to Provide Specifics on PrivatBank at First Open Press Event

- Ukraine’s Headline Inflation Slows to 3-Year Low of 7.5%

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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