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Analytics and Market news

Monday, 22 June 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks traded in Kyiv were inactive last week, with only a few sparse corporate news items driving some minor movement. UkrNafta (UNAF) gained 3.2%, ignoring the company’s poor operational results for May, which indicated that average daily oil output decreased by 1.4% YoY to 4,160 tonnes (30,400 barrels) in the reported period. Raiffeisen Bank Aval (BAVL) remained at 32.50 kopecks and CentrEnergo (CEEN) was also flat at UAH 6.90 per share.

On the data front, UkrStat said that the country’s GDP declined by 1.3% YoY and 0.7% QoQ in 1Q20. The nominal value of Ukraine’s GDP in the quarter was UAH 846bn (USD 33bn at the average exchange rate for the period).

London-listed Ferrexpo (FXPO) dropped by 4.3% to GBp 179 after the company reported that a district court in Kyiv has placed a new restriction covering 50.3% of the shares in Ferrexpo Poltava Mining (FPM) held by Ferrexpo’s Swiss-based parent group. This restriction is tied to ongoing criminal charges in Ukraine involving Constantine Zhevago and his insolvent F&C Bank, which was declared insolvent in 2015. Ferrexpo said its operations remain unaffected, as the share freeze does not relate to ownership of the shares, but only prohibits their transfer. In a separate release, Ferrexpo provided the positive news that its board of directors has approved an interim 2020 dividend of 6.6 US cents per share, payable on Jul 3 to shareholders on the register as of Jun 19.

In Warsaw trading, Astarta (AST) corrected by a tiny 0.3% to PLN 18.25 after gaining a solid 11% over the preceding week. Kernel (KER) gave up 2.2.% to end at PLN 41.85 and Agroton (AGT) declined by 1.6% to PLN 3.77.

The hryvnia was stable for the week, inching up by 0.2% to close at 26.73 UAH/USD.

POLITICS AND ECONOMICS

- US, EU Raise Pressure on Zelenskiy to Back Off Poroshenko Prosecutions

STOCKS IN THE NEWS

- Kobolev Wants to Split UkrNafta Into Separate Oil & Gas Divisions

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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