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Analytics and Market news

Monday, 21 September 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian locally-listed equities were mostly lower last week despite a generally neutral corporate news flow. The UX index decreased by 0.9% to 1278 points. Raiffeisen Bank Aval (BAVL) corrected by 3.7% to 39.50 kopecks, as some traders preferred to cash in their profit after the bank approved a 2019 dividend of 6.95 kopecks per share. The ex-rights date for the dividend will be determined by the bank’s supervisory board, which is controlled by parent group Raiffeisen International. CentrEnergo (CEEN) fell 4.0% to UAH 4.80 and UkrNafta (UNAF) was flat at UAH 118 per share.

London-listed Ferrexpo (FXPO) jumped 7.2% to GBp 202 per share after the company announced an interim dividend of 6.6 US cents per share. The special interim dividend will be paid out on Oct 8 to shareholders on the register at the close of business on Sept 25. This brings Ferrexpo’s total dividend distributions this year to 19.8 US cents per share, up from 13.2 US cents in FY19. MHP (MHPC) remained in a downward trajectory, losing 4.4% to USD 5.20, as Ukraine’s currency devaluation is hurting the company’s bottom line.

Sugar producer Astarta (AST) was a clear winner for the week on the Warsaw Stock Exchange, with the AST stock jumping by 15% to PLN 18.00. Meanwhile, top liquid name Kernel (KER) edged up by only 0.4% to PLN 39.25.

On the currency front, the hryvnia fell through the UAH 28 line against the dollar, declining by 0.9% to 28.20 UAH/USD after an IMF representative refused to name a possible date of the mission for the first revision of the current stand-by loan program. The revision is necessary before Kyiv can receive any additional IMF funds.

POLITICS AND ECONOMICS

- Calls to Scrap Ukraine’s EU Visa-Free Travel over Zelenskiy Corruption Failures

- NaftoGaz Transit Income Expectation for 2020 Falls to USD 2bn

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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