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Analytics and Market news

Monday, 2 March 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were more or less immune to the sharp drop in global equity prices last week due to the isolation and low liquidity of the local market. However, most quotes were lower on corporate-specific events.

In particular, shares of state-owned CentrEnergo (CEEN) dropped by 2.7% to UAH 8.85 after the governments newly appointed management faced problems with accessing the companys documents. The media reports said that the previous management had tried to hide evidence of large corruption schemes by physically blocking CentrEnergos head office. This situation once again highlights the ineffectiveness of state ownership in Ukraine.

Raiffeisen Bank Aval (BAVL) shed 1.3% to 38.00 kopecks while DonbasEnergo (DOEN) and Krukiv Wagon (KVBZ) were unchanged at UAH 26.90 and UAH 15.60 respectively. UkrNafta (UNAF) corrected by 2.5% to UAH 158 amid the downturn in benchmark oil prices.

The European sell-off hit quotes for Ukrainian stocks listed in London and Warsaw. Iron ore producer Ferrexpo (FXPO) got clobbered with an 18% loss to GBp 130 per share, while less liquid MHP (MHP) declined by 3.7% to USD 7.90. Natural gas extractors JKX Oil&Gas (JKX) and Regal Petroleum (RPT) plunged by 28% and 25% respectively to GBp 20.20 and GBp 17.00.

In Warsaw trading, Kernel (KER) slid 15% to PLN 41.00, partly under pressure from a worse-than-expected earnings report. Sugar refiner Astarta (AST) slumped to a new 10-year low after taking a 19% pummeling to PLN 14.25; such a price for the issue has not been seen since 2009 during the global financial crisis.

On the currency front, the hryvnia lost a moderate 0.8% against the dollar to close at 24.68 UAH/USD, as the currency appeared to come under some pressure from speculative sellers at the end of the month.

POLITICS AND ECONOMICS

- Political Veteran Tigipko Under Consideration to Replace Honcharuk as PM

- Ukraines January Industrial Output Slumps by 5% YoY

STOCKS IN THE NEWS

- Kernels Oct-Dec EBITDA Declines by 15% YoY to USD 109mn

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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