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Analytics and Market news

Tuesday, 30 June 2020

Ukraine Weekly Market Monitor

Eavex Capital

Locally listed Ukrainian equities were mostly lower last week amid notably negative corporate news regarding two out of the six UX index blue chips. The index fell 2.7% to 1318 points. Partly state-owned UkrNafta (UNAF) once again made unpleasant headlines by selling its extracted crude oil at auction for just USD 18 per barrel, while the global benchmark price was roughly twice as high. We estimate that the company de-facto gave away USD 50mn in the deal. The UNAF stock dropped by 3.1% to UAH 126 per share after the auction price became public. Another majority state-owned company, CentrEnergo (CEEN), saw its stock decline by 7.2% to UAH 6.40 after the head of State Property Fund (SPF) Dmytro Sennichenko commented that CentrEnergo’s coal-fired thermal power plants are loss-making at the moment. We view this statement as controversial due to the ongoing problems in the Ukrainian coal industry and the non-transparent coal purchasing procedures at CentrEnergo. There was also a report that the SPF discussed CentrEnergo at a meeting with the United Arab Emirates investment fund Mubadala, as the Ukrainian government has been trying for 10 years to unload the state’s 78% stake in the company. On the upside, Raiffeisen Bank Aval (BAVL) stock rose 3.1% to 33.50 kopecks.

In London trading, Ferrexpo (FXPO) edged down by 0.6% to GBp 178 while MHP (MHPC) gained 4.3% to USD 6.26. Enwell Energy (ENW), formerly known as Regal Petroleum, plummeted by 21% to GBp 12.60 on fears that low natural gas prices would make the company’s production plans unrealistic.

On the Warsaw Stock Exchange, sugar refiner Astarta (AST) had a volatile week, slumping 13% to PLN 15.90 after having impressively climbed up from the PLN 12 level at the start of May. Top liquid issue Kernel (KER) was essentially unchanged at PLN 41.80.

On the interbank currency market, the hryvnia continued to show stability, ticking up by 0.1% against the dollar to close at 26.71 UAH/USD.

POLITICS AND ECONOMICS

- COVID Fatality Rate Stays Low in Ukraine Despite Rise in Cases; Shmygal Focused on “Not Losing” Economy

- Ukraine Industrial Decline Slows to 12% YoY in May After 16% Drop in April

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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