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Analytics and Market news

Tuesday, 29 June 2021

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks listed in Kyiv were on the rise last week, supported by positive macroeconomic statistics showing that the country’s industrial production remained on the recovery path in May, rising 5.4% YoY. The key manufacturing sector had an output increase of 6.3% YoY during the month. In individual stocks, national flagship oil company UkrNafta (UNAF) gained 9.4% to UAH 280 per share, reflecting expectations for a solid improvement in the company’s financial results amid rallying global crude prices, which topped USD 75/bbl last week. CentrEnergo (CEEN) advanced by 4.4% to UAH 9.50 and second-tier name Krukiv Wagon (KVBZ) rose 5.3% to UAH 18.00.

Warsaw-listed Ukrainian grain grower and exporter Kernel (KER) climbed by 1.1% to PLN 57.40. The KER stock received a secondary listing on the Ukrainian Exchange last week, starting to trade at bid/ask of UAH 422/445. Currently we do not expect the KER stock to receive much liquidity on the domestic equity market, but we note that it provides an excellent long-term play for Ukrainian local investment funds which lack a mandate to invest abroad. Astarta (AST) and Agroton (AGT) slipped by 1.5% and 5.4% respectively, with the latter closing at PLN 8.04.

In London trading, Ferrexpo (FXPO) rebounded by 6.5% to GBp 443 after a steep correction seen earlier this month from the stratospheric GBp 500 level. Enwell Energy (former Regal) advanced by 11.7% to GBp 24.80.

On the currency front, the hryvnia edged down by 0.2% to 27.35 UAH/USD as the dollar continued to rise on a global scale. Last week’s highest point was 27.56 UAH/USD and the lowest was at 27.32 UAH/USD. The National Bank intervened on the interbank market to prevent heavier fluctuations in the rate.

POLITICS AND ECONOMICS

- Ukraine’s Industrial Output Rises 5.4% YoY in May, Confirming Expectations

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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