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Analytics and Market news

Monday, 18 January 2021

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities finished notably higher last week after the country’s economic prospects for this year improved amid the sharp recovery in Ukraine’s export-oriented metallurgical industry. In particular, iron ore exports from Ukraine jumped by 34% YoY to 3.3mn tonnes in December. For full-year 2020, iron ore exports rose 16% YoY to 46.3mn tonnes. Although the country’s steelmakers reduced their output by 1.4% YoY to 20.6mn tonnes, export sales of semi-finished casting products increased by 6.3% YoY.

Meanwhile, the IMF monitoring mission for the first revision of Ukraine’s current loan deal resumed its work on Jan 11, with the date for the tranche disbursement of USD 700mn not yet clear.

The UX index advanced by a firm 3.9% for the week to close at 1637 points. CentrEnergo (CEEN) added the most points to the gauge, gaining 6.7% to UAH 8.00 per share. UkrNafta (UNAF) added 2.7% to UAH 192 and Raiffeisen Bank Aval (BAVL) picked up 4.9% to end at 43.00 kopecks.

In London trading, Ferrexpo (FXPO) corrected by 5.7% to GBp 330 after its gain of nearly 20% over the preceding week. News that the company increased its pellet production by 7% YoY to 11.2mn tonnes for 2020 did not impact the stock. MHP (MHPC) slipped by 2.9% to USD 6.10 and Enwell Energy (formerly Regal) dropped by 5.6% to GBp 25.50.

Warsaw-listed Ukrainian agro companies were firmly higher, with Kernel (KER) rising by 7.3% to PLN 52.80 and Agroton (AGT) adding 12% to PLN 5.30. Sugar producer Astarta (AST) jumped by 16% to PLN 34.50.

On the interbank currency market, the hryvnia added 0.3% to close at 28.17 UAH/USD despite the overall strength of the dollar against other world currencies.

POLITICS AND ECONOMICS

- US Hits Back Hard Against Derkach Over Biden Sabotage Efforts

- Ukraine Full-Year 2020 Inflation Comes In at 5.0%

STOCKS IN THE NEWS

- Ferrexpo’s 2020 Output Increases by 7% YoY to 11.2mn Tonnes

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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