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Analytics and Market news

Monday, 23 November 2020

Ukraine Weekly Market Monitor

Eavex Capital

The UX index advanced by 3.1% to 1417 points last week as local traders found some optimism from President Zelenskiy’s re-engagement with the IMF following his constructive phone conversation with IMF Managing Director Kristalina Georgieva. Zelenskiy said Ukraine has not stopped fulfilling its obligations under the current stand-by loan program, singling out reforms of the customs and tax bodies within the Finance Ministry. He said the National Bank is actively working to reduce the share of non-performing loans in the banking system.

Kyiv-listed blue-chips all finished in positive territory. CentrEnergo (CEEN) rebounded by 8.8% to UAH 6.15 after its correction seen a week earlier. Raiffeisen Bank Aval (BAVL) rose 3.9% to 39.50 kopecks and DonbasEnergo (DOEN) surged by 14% to UAH 21.75. A separate growth driver was for UkrNafta (UNAF) as the offer side of quotes for UNAF stock jumped by 15% to UAH 160 after the Parliament adopted a special bill aiming at resolving UkrNafta’s huge tax debt problem.

In London trading, MHP (MHPC) jumped 8.3% to USD 6.50 per share after the company’s 3Q20 earnings report brought no unexpected negative surprises. Iron ore producer Ferrexpo (FXPO) edged down by 0.9% to GBp 196.

Warsaw-listed Ukrainian agro stocks enjoyed some upward momentum after reports that the country’s overall grain harvest reached 60.3mn tonnes from 14.6mn hectares, which is 95% of the plan. Kernel (KER) rose 6.8% to PLN 43.80, Astarta (AST) added 2.9% to PLN 25.00, and low-liquidity Agroton (AGT) jumped by 16% to PLN 4.73.

On the currency market, the hryvnia was again little-changed, edging lower by 0.7% to 28.32 UAH/USD.

POLITICS AND ECONOMICS

- Poroshenko Falls Short in Bid to Oust Sadoviy in Lviv

STOCKS IN THE NEWS

- Parliament Passes Massive UAH 30bn Tax Relief Scheme for UkrNafta

- MHP’s Net Loss Amounts USD 47mn in 3Q20 Due to USD 61mn FX Loss

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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