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Analytics and Market news

Monday, 28 December 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukraine’s equity market is heading into the New Year on a positive note, with the UX index advancing by 3.5% last week to close at 1587 points on Thursday (Dec 24). Local stocks got a boost from news that the IMF monitoring mission’s planned meetings with the government, both at the highest level and at the expert level, went well. In major macroeconomic statistics, there was a statement from UkrStat that the country’s GDP shrank by 3.5% YoY in 3Q20, but rebounding by 8.5% compared to 2Q, which was hit hard by the strict COVID lockdown of the spring. Actual economic indicators are mostly coming in better than projected.

In individual stocks, UkrNafta (UNAF) surged 8.6% to UAH 190 per share after the company reported that it repaid its accrued tax debt of UAH 28.9bn. The company got the money for the tax repayment from its parent NaftoGaz as advance payment for future natural gas deliveries as well as payment for previously supplied gas.

Quotes for CentrEnergo (CEEN) increased by 2.9% to UAH 7.20 and Raiffeisen Bank Aval (BAVL) added 2.5% to 41.00 kopecks. TurboAtom (TATM) edged up by 0.6% to UAH 8.30.

London-listed iron ore producer Ferrexpo (FXPO) remained unstoppable in its upward momentum, gaining 5.3% to GBp 297 per share. JKX Oil&Gas (JKX) was unchanged at GBp 30 on the nose.

On the Warsaw Stock Exchange, Kernel (KER) rose 3.3% to PLN 48.40 while Astarta (AST) was flat at PLN 25.40.

On the currency front, the hryvnia gave back its entire gain against the dollar from the preceding week, losing 1.3% to close at 28.40 UAH/USD. However, we see the national currency as having a chance to strengthen to 27.50 UAH/USD in 1Q21, as export markets have once again become favorable for Ukrainian commodities.

POLITICS AND ECONOMICS

- Former Naftogaz COO Vitrenko Named to Lead Energy Ministry

- Ukrainian Industry Had Best Month of 2020 in November

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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