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Analytics and Market news

Monday, 30 November 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian domestically-listed equities ended firmly higher for the week, extending their local upward trend that began in mid-October. The UX index gained 3.6%, reaching 1468 points on Friday. Raiffeisen Bank Aval (BAVL) rose 3.8% to 41.00 kopecks. We are somewhat surprised by the stock’s solid growth performance, as the bank’s profitability is under pressure amid declining interest margins in the country’s banking system. Moreover, we suspect that Raiffeisen Aval has a passive credit policy and is thus losing its market share to more aggressive players, especially in the retail segment.

In other UX basket components, TurboAtom (TATM) advanced by 3.2% to UAH 8.67 and CentrEnergo (CEEN) added 1.6% to UAH 6.25 per share. In contrast, DonbasEnergo (DOEN) fell 8.0% to UAH 20.00 after the surge of 14% seen over the preceding week. The offer side of quotes for UkrNafta (UNAF) remained at UAH 160 per share as no new information appeared regarding the execution of the parliament’s approved solution for the company’s accrued tax debt.

On the London Stock Exchange, JKX Oil&Gas (JKX) gained 3.2% to GBp 32.50 and iron ore miner Ferrexpo (FXPO) once again climbed above the GBp 200 line, advancing by 6.0% to GBp 208.

Warsaw-listed Kernel (KER) enjoyed a solid 15% rise to PLN 50.50 after the company reported an enormous quarterly profit of USD 204mn (+3.4x YoY) for the Jul-Sept period. Low-liquidity Agroton (AGT) increased by 6.6% to PLN 5.04.

The hryvnia faced some speculative attacks last week, falling 0.8% to 28.54 UAH/USD. Currency market players fear that the National Bank could start a massive refinancing of state-owned banks in order to provide indirect support to the national budget.

POLITICS AND ECONOMICS

- New National COVID Lockdown in Ukraine Increasingly Likely

- Ukraine’s Industrial Output Drops by 5.0% YoY in October, 6.8% YoY for 10M20

STOCKS IN THE NEWS

- Kernel Posts Massive Profit of USD 204mn for Jul-Sept Quarter

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:

Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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