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Analytics and Market news

Monday, 21 December 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv were mostly higher for the week, leading to a 1.1% gain for the UX index to 1527 points. Quotes for CentrEnergo (CEEN) rose by 3.7% to UAH 7.00 per share, ignoring information that the company faced a fire accident at its Zmyivska Power Plant located in Kharkov province. The company reported that it has solved the problem and will perform additional inspection of technological equipment at Zmyivska TPP.

The country’s largest oil producer UkrNafta (UNAF) enjoyed a 4.8% increase to UAH 175 per share amid rallying global crude prices, and more importantly, news that the Finance Ministry has distributed part of the funds in the three-sided transaction between the government, NaftoGaz and UkrNafta that effectively bails UkrNafta out of its huge accrued tax debt. On the downside of the UX index basket, Raiffeisen Bank Aval (BAVL) slipped by 2.4% to end at 40 kopecks on the nose.

In developments related to Ukrainian cooperation with the IMF, the Washington-based lender will hold talks with the Ukrainian authorities this week for a review of country’s USD 5bn loan program, marking a breakthrough after months of delay.

In London trading, poultry giant MHP (MHPC) climbed back above the USD 6 line, advancing by a solid 7.3% to USD 6.18. Ferrexpo (FXPO) added 3.3% to GBp 282 per share as the iron ore market remained bullish. On the Warsaw Stock Exchange, Kernel (KER) increased by 3.4% to PLN 46.85 and Astarta (AST) rose 5.4% to PLN 25.40.

On the interbank currency market, the hryvnia edged down by 0.2% to 28.00 UAH/USD after a notable appreciation in the first half of the week in line with the historical December pattern. The National Bank stepped into the market with USD 300mn in foreign currency purchases to stop the hryvnia’s rally.

POLITICS AND ECONOMICS

- Kharkiv Mayor Kernes Dies after 3-Month COVID Battle

- 2021 Budget Forecasts 4.6% GDP Growth and Inflation of 7.3%

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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