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Analytics and Market news

Monday, 20 July 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities were mixed last week, with the UX index managing a rise of 1.2% to 1298 points. UkrNafta (UNAF) was the main growth driver for the benchmark, with the stock gaining 6.4% after news that the company was prevented from using a far-below-market starting price of USD 22 per barrel for its mandatory monthly oil auction. The news provided some hope that UkrNafta, which has been selling its oil at extremely cheap prices to entities affiliated with minority shareholder Igor Kolomoyskiy, will be more transparent in its crude oil sale procedures. UkrNafta’s crude auction scheduled for Jul 15 was cancelled, with no announcement about when the next one would be conducted. In the utility sector, CentrEnergo (CEEN) climbed by 1.9% to UAH 5.50 while sporadically-traded DonbassEnergo (DOEN) tumbled by 10% to UAH 19.70 per share.

Raiffeisen Bank Aval (BAVL) edged down 0.8% to 33.00 kopecks. Some traders were discouraging by news that the government extended its long moratorium on the collection of foreclosure property on defaulted foreign currency loans until 2022. The moratorium was introduced for an indefinite term in 2014 during the outbreak of the Donbass war, and it has allowed foreign currency borrowers to avoid servicing loans ever since due to the banks’ lack of leverage. In October 2019, a new bankruptcy code was launched, providing for a mechanism for restructuring the debt of mortgage borrowers, which will work in full only if the moratorium is lifted.

In London trading, Ferrexpo (FXPO) advanced by 3.4% to GBp 185 as the company continued to enjoy favorable iron ore pricing on the global market. MHP (MHPC) slipped by 0.6% to USD 6.50 while natural gas producer Enwell Energy (ENW), formerly Regal Petroleum, rose 5.5% to GBp 14.50 per share.

On the Warsaw Stock Exchange, Kernel (KER) lost 2.4% to close at PLN 40.35. The company is publishing its operating update for the Apr-Jun quarter today. Astarta (AST) was unchanged at PLN 15.90 while Agroton (AGT) picked up 4.3% to close at PLN 3.89.

The hryvnia weakened by 1.7% to 27.45 UAH/USD on fears that newly appointed National Bank governor Kyril Shevchenko might institute a soft monetary policy which would fail to defend the currency’s value.

POLITICS AND ECONOMICS

- Zelenskiy Party Holds Wide Lead in Municipal Election Race

STOCKS IN THE NEWS

- UkrNafta’s FY19 Net Loss of UAH 4.1bn Revealed by Naftogaz

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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