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Analytics and Market news

Tuesday, 25 August 2020

Ukraine Weekly Market Monitor

Eavex Capital

Local Ukrainian stocks were higher last week, with the UX index gaining 1.0% to close at 1291 points on the back of a technical rebound in the beaten-down CentrEnergo and UkrNafta names. CentrEnergo (CEEN) edged up by 2.2% to UAH 4.60, barely putting a dent in the issue’s 50% plunge seen since the start of the year. Information that the company sold its fourth-quarter electricity output in advance at a cut-rate price has not affected the stock yet. On the positive side, the forward sale of electricity will give CentrEnergo much-needed funds for coal purchases. UkrNafta (UNAF) rose 0.8% to UAH 123 per share after the company somewhat improved its oil auction procedures. The latest auction on Aug 18 was conducted at USD 37 per barrel, which was 8.3% higher than the starting price. UkrNafta sold 1.71mn bbl last week. In other blue-chip names, Raiffeisen Bank Aval (BAVL) picked up 2.4% to 42.00 kopecks and TurboAtom (TATM) edged up 1.2% to UAH 8.30 per share.

On the London Stock Exchange, Ferrexpo (FXPO) lost 6.5% to GBp 185 despite benchmark iron ore prices soaring to another new local maximum of USD 123 per tonne (+34% YtD). Poultry producer MHP (MHPC) recovered by 4.5% to USD 5.98 after two consecutive weeks of decline.

In Warsaw trading, both Kernel (KER) and Astarta (AST) were lower, with the former dropping 1.4% to PLN 39.10. On the upside, sporadically-traded Agroton (AGT) rose by 3.9% to PLN 3.99.

The hryvnia had a losing week against the dollar, falling from 27.34 UAH/USD to 27.46 UAH/USD, a decline of 0.4%. The National Bank reported that it continued to purchase hard currencies to add into its forex reserves at a rate of around USD 20mn per day.


- Top Prosecutor Kholodnitsky Quits 3 Months Before Expiration of His Term


- CentrEnergo Sells Electricity for 4Q at Below-Market Price; Kolomoyskiy Reported as Buyer

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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