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Analytics and Market news

Monday, 7 September 2020

Ukraine Weekly Market Monitor

Eavex Capital

Local Ukrainian stocks were mixed last week, with the UX index inching up by 0.2% to 1320 points. The rebound of 9.0% to UAH 7.90 in TurboAtom (TATM) balanced a decline of 1.2% in more heavily weighted Raiffeisen Bank Aval (BAVL), which ended the week at 41.00 kopecks. Both CentrEnergo (CEEN) and UkrNafta (UNAF) were unchanged at UAH 5.20 and UAH 123 per share respectively. Motor Sich (MSICH) was back in the spotlight after the country’s Anti-Monopoly Committee rejected the application filed by Chinese firm Skyrizon in partnership with Kharkiv-based oligarch Olexander Yaroslavskiy to acquire a controlling stake in the aviation engine producer. Yaroslavskiy complained about strong-arm political pressure concerning the Motor Sich deal after the United States publicly objected to China’s participation in it. Yaroslavskiy appealed to President Zelenskiy to intervene in the situation, asking him to make a “statesman-like decision that will preserve Motor Sich for Ukraine and will meet the national interests of the state.”

In London trading, Ukrainian shell egg producer Avangard (AVGR) lost almost all its remaining value, plummeting by 83% to just 1 cent per share; the stock had traded above USD 12 in the first year after its IPO in 2010. The company became a victim of the overly aggressive expansion strategy of its majority shareholder Oleg Bakmatyuk, who used nontransparent practices to finance its agriculture business. Ferrexpo (FXPO) declined by 3.6% to GBp 177 amid a broad correction on the main European bourses. MHP (MHPC) gave up 2.8% to USD 5.48, although the company reported better than expected financial results for 2Q20, with the earnings per share for the period amounting to USD 1.06.

In Warsaw trading, Kernel (KER) was little-changed at PLN 38.80 while Astarta (AST) tumbled by 10% to PLN 14.50.

The hryvnia was soft, losing a full 1% against the dollar over the week to close at 27.78 UAH/USD.

POLITICS AND ECONOMICS

- Zelenskiy Coming Under Fire for Ongoing Judicial Corruption

STOCKS IN THE NEWS

- MHP Sees Decline in Net Profit by 19% YoY to USD 112mn in 2Q20

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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