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Analytics and Market news

Monday, 31 August 2020

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities finished mixed over the week but the UX index gained 2.1% to 1318 points, driven by a 13% surge in CentrEnergo (CEEN). The stock got a boost to UAH 5.20 after news that the company repaid its debt to state-owned mines for previously-supplied coal. CentrEnergo’s acting CEO Alexander Korchinsky made a detailed statement regarding unfair practices on the electricity market due to state producers CentrEnergo, EnergoAtom and UkrHydroEnergo being obligated to conduct auctions to sell electricity. Private electricity producers like DTEK and DonbasEnergo have an advantage on the open market, as they are able to pursue direct bilateral contracts with large industrial consumers. Also, CentrEnergo’s acting CEO announced the intention to sell off the company’s non-core assets, which currently generate about UAH 10mn in losses every month.

On the downside, TurboAtom (TATM) lost 6.0% to close at UAH 7.20 and Raiffeisen Bank Aval (BAVL) shed 1.2% to 41.50 kopecks per share. UkrNafta (UNAF) remained unchanged at UAH 123.

On the London Stock Exchange, Enwell Energy (ENW), formerly Regal Petroleum, soared by 30% to GBp 22.10 without any visible reason. We assume that some positive news regarding the company could appear soon. In particular, Enwell has legal proceedings relating to one of its exploration licenses in Ukraine. Ferrexpo (FXPO) edged down by 0.9% to GBp 184 and MHP (MHPC) decreased by 5.7% to USD 5.64.

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 3.9% to PLN 3.99.

On the interbank currency market, the hryvnia had a quiet week, inching down by 0.1% against the dollar to close at 27.50 UAH/USD.

POLITICS AND ECONOMICS

- Ukraine Re-Imposes Border Closure to Most Foreigners in Quarantine Ramp-Up

- Industrial Output Down 4.2% YoY in July and 7.7% YoY for 7M20


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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