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Wednesday, 19.02.2020 18:19
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Analytics and Market news

Monday, 3 February 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukraines PFTS equity index was on the rise last week, adding 0.7% and closing at 509 points. The National Banks decision to slash its main refinancing rate by an enormous 250 basis points from 13.50% to 11.00% had a positive impact on local stocks, despite the regulators benchmark rate is still higher than the yield on the governments 1-year treasuries, which stands at 10%. In general, the National Bank continues to ease its monetary policy with the aim of maintaining inflation at the target level of 5% and supporting steady economic growth. Current expectations are that the key rate will be lowered to 7% by the year-end. The next meeting of the NBU Board on monetary policy issues is due on Mar 12.

In individual stocks, Raiffeisen Bank Aval (BAVL) gained 1.2% to 34.70 kopecks while CentrEnergo (CEEN) remained at UAH 8.53 per share. Quotes for UkrNafta (UNAF) moved up by 1.7% to UAH 147 after the company reported that its oil extraction increased by 4.7% YoY to 1.52mn tonnes (11.1mn bbl) in full-year 2019.

On the London Stock Exchange, MHP (MHPC) took another hit, falling 3.4% to USD 8.48 after an announcement that the companys 4Q19 financial results will be unimpressive due to higher production costs in the period. Iron ore producer Ferrexpo (FXPO) dropped by 6.5% to GBp 136 after a Ukrainian court placed a restriction covering 50.3% of the groups domestic ore mining subsidiary Poltavskiy GOK. Ferrexpo is the sole shareholder in Poltavskiy GOK. The restriction does not affect ownership of the shares but prohibits their transfer. Ferrexpo said it believes this restriction is temporary and is related to the criminal charges in Ukraine involving Constantine Zhevago (Ferrexpos largest shareholder), related to Zhevagos now-insolvent F&C Bank.

In Warsaw trading, Astarta (AST) slumped by 8.9% to PLN 15.80 and Kernel (KER) edged down by 0.7% to PLN 46.95. Sporadically-traded Agroton (AGT) advanced by 7.5% to PLN 4.45.

On the currency front, the hryvnia was weak once again, losing a hefty 2.3% against the dollar to UAH/USD 25.05.

POLITICS AND ECONOMICS

- Pompeo, Zelenskiy Avoid Controversial Topics After Meeting

- Ukraines Public Debt Rises 8% YoY to USD 84bn (54% of GDP) in 2019

STOCKS IN THE NEWS

- MHPs Poultry Export Volume Moves Up 25% YoY in FY19

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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