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Analytics and Market news

Monday, 16 March 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were broadly lower last week in line with the heavy sell-off seen on global financial markets. Ukrainian flagship oil producer UkrNafta (UNAF) was the biggest decliner, slumping 9.2% to UAH 139 amid tumbling crude benchmarks. Saudi Arabia and Russia are now engaged in a price war after failing to agree on a supply cut at their Vienna OPEC-plus meeting. Russia and Saudi Arabia had been curtailing their collective production since 2016 in an effort to bolster prices.

In other local blue chips, Raiffaisen Bank Aval (BAVL) edged down by 0.8% to 37.00 kopecks and CentrEnergo (CEEN) dropped by 1.5% to UAH 8.40 per share.

Both London- and Warsaw-listed Ukrainian equities were hit hard by the global stock market turmoil. Iron ore miner Ferrexpo (FXPO) fell 10.8% to GBp 110 and poultry giant MHP (MHPC) lost 3.2% to USD 6.00, nearing its all-time low. Kernel (KER) also continued to slide, losing 3.9% to PLN 35.60. We assume that the company’s largest shareholder and CEO Andriy Verevsky will use the situation to buy up more free-floating shares from the market, as he had been purchasing the KER stock at a reported average price of PLN 42 in recent weeks.

On the currency front, the hryvnia was a victim of high demand for the USD safe haven among local speculators. The national currency fell 4.3% to 26.49 UAH/USD despite the National Bank’s heavy interventions using its reserves, which stood at USD 26.6bn at the beginning of the month. The NBU also made a widely expected decision to cut its key refinancing rate from 11.00% to 10.00% as it continues to implement its goal of easing monetary policy.

POLITICS AND ECONOMICS

- Zelenskiy, Yermak Under Fire for Entering Direct Talks with DNR/LNR

- Ukraine Headline Inflation Slows Sharply to 2.4% in February

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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