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Analytics and Market news

Monday, 12 July 2021

Ukraine Weekly Market Monitor

Eavex Capital

The UX index edged up by 0.6% to 1942 points last week amid mixed trading in major Kyiv-listed equities. Electricity producer CentrEnergo (CEEN) declined by 1.0% to UAH 9.60 following reports about manipulations on the electricity market which artificially lowered the price on the day-ahead section in early July. UkrNafta (UNAF) rose 3.1%, climbing back to UAH 300 per share. However, a controversial situation remains regarding UkrNafta’s FY20 profit distribution. The legislation prescribes UkrNafta as a majority state-owned enterprise to pay out 90% of last year’s net profit of UAH 4.3bn to shareholders before Jul 1. As we understand, UkrNafta has paid the profit distribution only to Ukraine’s national budget, while the mechanism and terms of payment to other shareholders are unclear. Legally, UkrNafta has to pay UAH 70.85 per share to all shareholders which were in the register as of May 1. We expect UkrNafta to be sued for failing to distribute FY20 net profit to all shareholders. We will continue to monitor this unprecedented situation.

In London trading, Ferrexpo (FXPO) ticked up by 1.3% to GBp 437 after the company reported positive operational results for 2Q21.

On the Warsaw stock exchange, there was a broad correction in Ukrainian agro stocks. Astarta (AST) fell 5.9% to PLN 48.00, Kernel (KER) slipped by 1.5% to PLN 54.20, and Agroton (AGT) dropped by 3.7% to PLN 7.90.

In currency trading, the hryvnia gave up 0.3% to close at 27.33 UAH/USD. The National Bank said that the country’s foreign exchange reserves were at USD 28.4bn at the the beginning of July, covering 4.3-months of the country’s future imports, which indicates sufficiency of the reserves’ level.

POLITICS AND ECONOMICS

- Zelenskiy Meets with Merkel, New CDU Leader Laschet in Berlin

- Ukraine’s 12M Inflation at 9.5% After Prices Rise 0.2% MoM in June

STOCKS IN THE NEWS

- Ferrexpo Raises Iron Ore Output by 4% YoY in Strong 2Q Performance

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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