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Analytics and Market news

Tuesday, 9 June 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv were mixed last week, with trading results overshadowed by important news for the local stock market that Freedom Holding, an investment company from Kazakhstan which also provides a brokerage services in the US and Russia, is set to acquire a 20% stake in the Ukrainian Exchange. The deal should help to attract more retail clients to the UX platform and bring an attendant increase in liquidity for locally-listed equities.

Meanwhile, the UX Index Committee decided to leave the UX index basket’s composition unchanged for the next three months. The index consists of six stocks, including the still-frozen Motor Sich (MSICH). CentrEnergo (CEEN) has the largest weight of 25% in the gauge and UkrNafta (UNAF) has a 22% weight.

Quotes for CentrEnergo (CEEN) added 6.5% to UAH 6.90 on hopes that the company’s newly appointed management will be able to eliminate non-transparent coal purchases which have been eating the company’s profits.

UkrNafta’s (UNAF) share price was not helped by the ongoing recovery in crude prices on global markets. The UNAF stock fell 3.8% to UAH 125 per share.

Raiffeisen Bank Aval (BAVL) climbed back to 31 kopecks adding 3.3% over the week.

London-listed Ferrexpo (FXPO) continued to enjoy an improving short-term iron ore outlook. The FXPO stock advanced by a solid 10% to GBp 193, with its growth reaching 21% since the start of the year. MHP (MHPC) declined by 1.6% to USD 6.00 after the company posted a large net loss for 1Q20 on a non-cash forex translation loss which it elected to declare in the period.

In Warsaw trading, Kernel (KER) advanced by 3.5% to PLN 42.65 and Astarta (AST) picked up 2.5% to PLN 16.40 amid the broad upward momentum on European bourses.

The hryvnia had a winning week, strengthening by 0.9% to 26.61 UAH/USD.

The NBU is due to hold a policy meeting on Thursday (Jun 11), and we expect that the central bank will cut its key refinancing rate from the current 8.0% to 7.0%.

POLITICS AND ECONOMICS

- Avakov Finally Getting His Turn on the Hot Seat

STOCKS IN THE NEWS

- MHP Posts USD 174mn Loss for 1Q on Large Forex Loss Amid Hryvnia Deval

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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