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Analytics and Market news

Monday, 15 June 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were on the rise last week with the UX index picking up 1.0% to close at 1366 points. Raiffeisen Bank Aval (BAVL) added the most points to the gauge after the bank said it had earned a net profit of UAH 327mn in April. Raiffeisen Aval’s net profit for Jan-Apr was UAH 1.36bn, or 2.21 kopecks per share. The BAVL stock rose 4.8% to 32.50 kopecks. UkrNafta (UNAF) edged up by 0.8% to UAH 126 while CentrEnergo (CEEN) was unchanged at UAH 6.90.

In major macro-political news, Ukraine received a USD 2.1bn loan disbursement from the IMF. The loan tranche together with related financial assistance from the EU has already increased the NBU’s international reserves to USD 28.7bn. This year, the total amount of international financing is expected to reach USD 5bn, with more than half of that amount received from the IMF.

In London trading, Ferrexpo (FXPO) corrected by 3.0% to GBp 187 after news that a Ukrainian court has called for the physical detention of the company’s majority owner Constantine Zhevago, who has been charged with embezzlement of the property of Finance & Credit Bank. The bank was owned by Zhevago when it was declared insolvent in 2015.

On the Warsaw Stock Exchange, sugar producer Astarta (AST) gained a solid 11% to end at PLN 18.30 and Kernel (KER) edged up by 0.4% to PLN 42.80.

On the interbank currency market, the hryvnia declined by 0.6% to 26.78 UAH/USD. The National Bank was inactive on the market, purchasing just USD 40mn into its reserves during the week. Another factor playing against the hryvnia was the central bank’s decision to slash its key refinancing rate by 200 basis points from 8.0% to 6.0% on June 11 amid pressure for lower rates from the Zelenskiy administration. This is the lowest level of the key policy rate since Ukraine gained its independence. However, the NBU’s policy rate has only a limited effect on market interest rates in the country, which remain in double figures.

POLITICS AND ECONOMICS

- Voice Party Founder Vakarchuk Quits Parliament for 2nd Time

- Ukraine Headline Inflation Nears Historic Low at 1.7% Amid COVID Slowdown

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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