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Analytics and Market news

Monday, 25 November 2019

Ukraine Weekly Market Monitor

Eavex Capital

There was no substantial movements in Kyiv-listed Ukrainian stocks last week, with the PFTS index closing little-changed at 518 points on Friday (Nov 22).

In individual stocks, UkrNafta (UNAF) did not react to news that the company finally unloaded part of its excessive oil inventories at an auction held on Nov 20. The company sold some 132,000 tonnes of crude oil (roughly 10% of its annual output) at a price close to USD 63 per barrel. The stock remained at UAH 145.

CentrEnergo (CEEN) recovered part of the preceding week’s losses, adding 1.1% to UAH 9.30, while DonbasEnergo (DOEN) was flat at UAH 24.00. Raiffeisen Bank Aval (BAVL) traded little-changed at 30.80 kopecks.

On the London Stock Exchange, MHP (MHPC) showed some momentum, rising 2.2% to USD 9.20 after the company reported a solid net profit of USD 2.61 per share for 9M19. Iron ore producer Ferrexpo (FXPO) gained 9.2% to GBp 142 in a further rebound after the four-month losing streak that began in July when the stock was trading at the GBp 275 level.   

Warsaw-listed Astarta (AST) slid 7.3% to PLN 15.30 after the company reported weak financial results for 3Q19. Astarta’s net loss for the quarter amounted to EUR 26mn after a net profit of EUR 30mn posted for 1H19. Moreover, Astarta’s Net Debt-to-EBITDA ratio worsened to 7.7x. Kernel’s share price climbed by 1.0% to PLN 41.00 while Agroton (AGT) shed 4.0% to PLN 3.84.   

On the currency front, the hryvnia was unchanged at 24.14 UAH/USD. Among notable regulatory developments, there was an announcement from the National Bank about the launch of currency derivatives in the second quarter of 2020. At the first stage, the interest rate swap (IRS) and the conventional swap will be introduced, at the second – forward operations and a special swap. The launch of operations with currency derivatives is aimed at strengthening monetary transmission by reducing the vulnerability of the economy to changes in the hryvnia exchange rate. 

POLITICS AND ECONOMICS

- Fiona Hill Highlights Kremlin Role in False Ukraine Interference Narrative


STOCKS IN THE NEWS

MHP Posts 3Q Profit of  99 Cents per Share on Large FX Gain

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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