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Analytics and Market news

Monday, 15 February 2021

Ukraine Weekly Market Monitor

Eavex Capital

News that the IMF monitoring mission for Ukraine’s current loan program ended without a positive result was unable to stop the early-2021 rally in Kyiv-listed stocks. The UX index added 1.4% last week to close at 1789 points, with the gain for the gauge reaching 10% since the start of the year.

The biggest advance was seen in UkrNafta (UNAF), which shot up 12% to UAH 224 per share on expectations that the company will report a massive profit for 4Q20 after getting huge payments from its parent NaftoGaz. Raiffeisen Bank Aval (BAVL) rose 3.3% to 47.00 kopecks despite the bank’s net profit of 6.63 kopecks per share for FY20 coming in about 10% lower than expected. CentrEnergo (CEEN) slowed its increase to 0.6% after rising 22% YtD, ending at UAH 8.80. In second division stocks, Krukiv Wagon (KVBZ) grew by 5.3% to UAH 20 on the nose.

On the London Stock Exchange, Ferrexpo (FXPO) demonstrated a firm rebound after its notable correction earlier this month. The FXPO stock surged by 7.7% back to GBp 320, after the benchmark iron ore price dropped from USD 170 per tonne to USD 150 and then bounced back to USD 160 a in 2-week period. MHP (MHPC) remained sluggish, slipping 2.3% to USD 5.92.

In Warsaw trading, Kernel (KER) edged down by 0.9% to PLN 56.00 while Astarta (AST) rallied further by 7.6% to PLN 46.70. The AST stock has been a star performer, gaining 78% in the past 6 weeks on better prospects for the company’s primary sugar market.

On the currency front, the hryvnia weakened by 0.6% to 27.90 UAH/USD. The National Bank said it purchased USD 110mn to increase its forex reserves during the week.

POLITICS AND ECONOMICS

- Vitrenko Defends Gas Pricing as Ukraine Heads for Coldest Month Since 2012

- Ukraine Headline Inflation Back up to 6% Amid Rising Commodity, Energy Prices

STOCKS IN THE NEWS

- Raiffeisen Aval Posts Solid USD 150mn Profit for FY20 (6.6 Kopecks per Share)

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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