Kyiv-listed stocks remained in their recent trading range, with the UX index inching down by 0.1% last week to close at 1767 points. The hot name UkrNafta (UNAF) saw its stock at a bid of UAH 210 while the ask quote rose to UAH 230 per share. The large spread in the UNAF stock indicates that market players in a period of uncertainty about how UkrNafta might be split between its shareholders according to the government’s announced strategy. Raiffeisen Bank Aval (BAVL) shed 1.0% to 49.00 kopecks ahead of the bank’s annual shareholder meeting publication; minority shareholders are awaiting a dividend payout which could top 90% from the FY20 net profit of UAH 4.07bn. We project that Raiffeisen Aval will pay 5.95 kopecks per share.
On the upside, CentrEnergo (CEEN) rose by 2.4% to UAH 8.70 as the company said it turned off the gas-fired power units which have been too costly this winter amid rising natural gas prices. We do not expect CentrEnergo to post any profit for the first quarter, but there is a higher chance now that the second quarter will bring solid financial results for the company.
Iron ore producer Ferrexpo (FXPO) advanced by 6.5% to GBp 353 per share ahead of the company’s earnings report for FY20 coming this week. We forecast that Ferrexpo will post a net profit of USD 430mn for FY20. The company enjoyed very favorable pricing for its premium iron ore pellets on the global market last year. London-listed energy producers with assets in Ukraine were mixed. JKX Oil&Gas (JKX) remained unchanged at GBp 29.00 while Enwell Energy (former Regal) dropped by 5.3% to GBp 22.50. Poultry giant MHP (MHPC) rebounded by 7.4% to USD 6.12 after the stock’s recent slide.
On the Warsaw Stock Exchange, Kernel (KER) gained 2.0% to PLN 55.40 while Astarta (AST) closed flat at PLN 41.50.
On the interbank currency market, the hryvnia continued its run of relative stability since the start of the year, edging up by 0.2% to 27.71 UAH/USD.
POLITICS AND ECONOMICS
- US Senator: Ukraine’s Elite “Need to Fear” NABU Director Sitnyk
- Ukraine Headline Inflation Accelerates to 7.5% YoY in February
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Dmitry Churin, Head of Research, d.churin@eavex.com.ua
