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
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