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Analytics and Market news

Monday, 16 December 2019

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed Ukrainian stocks were mixed last week, with the PFTS index closing virtually unchanged at 510 points on Friday (Dec 13). Political news flow from the Normandy summit in Paris on Dec 9, where Ukraine and Russia agreed on a new ceasefire and prisoner exchange, had no impact on the local stock market. As generally expected, no major breakthroughs were achieved between Kyiv and Moscow on resolving the Donbass conflict in Eastern Ukraine. The Normandy Format meetings address the Donbass situation but not Russia’s annexation of Crimea, which is not recognized by most of the international community.

In individual stocks, UkrNafta (UNAF) rose 1.4% to UAH 144 per share after the government’s failed attempt to increase the tax on LPG fuel. Although LPG is only a small part of UkrNafta’s business, this was nonetheless a positive development for the company. In the utility sector, CentrEnergo (CEEN) climbed by 1.8% to UAH 9.26 while DonbasEnergo (DOEN) declined by 0.9% to UAH 25.22.

In London trading, Ferrexpo (FXPO) surged by 7.1% to GBp 152 after pausing its rebound a week earlier. The stock is down by 22% since the start of the year. MHP (MHPC) inched up by 0.2% to UAH 9.00. Regal Petroleum (RPT) was under pressure again, dropping by 5.9% to GBp 22.40. The other London-listed natural gas producer with assets in Ukraine, JKX Oil&Gas, edged lower by 1.6% to GBp 24.70. 

Warsaw-listed Kernel (KER) gained 1.6% to PLN 42.70 after the company’s shareholders approved a USD 0.25 dividend per share. The ex-rights date for the payout is still to be determined. Astarta (AST) slipped by 0.6% to PLN 16.00 and Agroton (AGT) lost 8.2% to PLN 3.38.   

On the currency front, the hryvnia showed no negative reaction to the NBU’s big interest rate cut of 200 bps, to 13.50%. The national currency rose by 0.9% against the dollar to 23.49 UAH/USD.

POLITICS AND ECONOMICS

- Zelenskiy Stands Firm in First Putin Encounter

- Ukraine Central Bank Extends Easing Cycle with 200-point Cut to 13.50%

- Ukraine’s Headline Inflation Slows to 5-Year Low of 5.1% in November

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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