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Analytics and Market news

Monday, 6 July 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities fell sharply last week as both traders and long-term investors were disappointed by the politically motivated resignation of Ukraines respected central bank governor Yakiv Smoliy on Jul 1. The move made major negative headlines, prompting fears that the countrys new USD 5.0bn IMF program could be threatened if the National Banks independence is not maintained. Another important resignation also took place at the Anti-Monopoly Committee, with head Yuriy Terentiev stepping down, also reportedly due to disagreements with President Zelensky.

The UX index declined by 4.7% to 1256 points during the holiday-shortened 4-session trading week that ended on Friday. The lions share of the damage came from majority-state-owned CentrEnergo (CEEN), which plummeted by 20% to UAH 5.10 per share on rising concerns about the health of Ukraines electricity sector. UkrNafta (UNAF) and Raiffeisen Aval (BAVL) were also substantial losers dropping by 5.6% to UAH 119 and by 4.5% to 32.00 kopecks, respectively.

London-listed Ferrexpo (FXPO) lost 5.7% to close at GBp 168 following a correction in benchmark iron ore prices on the global market, which now stand at USD 99 per tonne compared to USD 103 a week earlier. On the upside, poultry maker MHP (MHPC) gained 6.1% to USD 6.64, finally showing a rebound from the support USD 6.00 line.

On the Warsaw Stock Exchange, Ukrainian names were mixed, with Astarta (AST) picking up 4.1% to finish at PLN 16.55 while Kernel (KER) declined by 1.4% to PLN 41.20.

The hryvnia had a rough week amid the NBU turbulence, sliding by 1.6% to 27.13 UAH/USD and hitting an intraday low of 27.30 UAH/USD on Friday (Jul 3). Currency traders will be watching closely to see whether the Zelenskiy administration is able to find an appropriate successor to Smoliy for the National Bank governors post, and failure to move quickly could lead to more volatility in the exchange rate.


- Ukraines New Eurobond Issue Torpedoed by Smoliy Resignation

- Charges of Political Pressure on NBU Spark Harsh Reaction from Investors

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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