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Analytics and Market news

Monday, 26 October 2020

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian Exchange index (UX) declined by 0.9% to 1295 points last week. TurboAtom (TATM) was the worst-performing blue chip, falling 5.8% to UAH 7.90. Quotes for UkrNafta (UNAF) were flat at UAH 129 per share. CentrEnergo (CEEN) added 4.9% to close at UAH 5.10 after the company unveiled a net profit of 89 kopecks per share for 3Q20. Raiffeisen Bank Aval (BAVL) inched down by 0.3% to 36.00 kopecks.

In major macroeconomic statistics, the industrial production index dropped by 4.4% YoY in September with the manufacturing sector showing a 5.8% YoY contraction in the period. Meanwhile, retail sales continued to rebound from the COVID decline, with the retail turnover index rising 11.6% YoY in September and by 6.7% YoY in 9M20.

London-listed Ferrexpo (FXPO) advanced by 8.0% to GBp 184 as benchmark Fe 62% iron ore prices hover near their local maximum of USD 120 per tonne. Enwell Energy (formerly Regal) rose 4.3% to GBp 20.3 thanks to increasing natural gas prices in Ukraine where the company’s operations are concentrated. Poultry producer MHP (MHPC) climbed by 1.0% to USD 5.86 after the company said it boosted its sales volume by 18% YoY in 3Q20.

On the Warsaw Stock Exchange, Kernel (KER) rose by 2.3% to PLN 40.30 while Astarta (AST) surged by 20% to PLN 21.10 after the company got additional working capital injection from the EBRD.

On the currency front, the hryvnia edged up by 0.1% against the dollar to close at 28.32 UAH/USD. The National Bank left its key refinancing rate unchanged at 6.0% after its Oct 22 policy meeting, with the next meeting schedule for Dec 10. The NBU also updated its macroeconomic forecasts, saying it expects full-year consumer inflation of 4.1%, up from the tiny 2.3% 12-month inflation registered after the September data. The NBU sees the country’s GDP drop for 2020 at 6.0% YoY, with a recovery of 4.0% in 2021.

POLITICS AND ECONOMICS

- Zelenskiy’s Party Suffers Crushing Loss in Kyiv Amid Klitschko Show of Strength

STOCKS IN THE NEWS

CentrEnergo Beats Expectations with UAH 331mn Net Profit in 3Q20

MHP’s Poultry Sales Volume Up 18% YoY in 3Q20 Amid Pricing Slump

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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