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Analytics and Market news

Monday, 20 September 2021

Ukraine Weekly Market Monitor

Eavex Capital

Among Ukrainian equities last week, the most notable movement was in London-listed natural gas producers JKX Oil&Gas (JKX) and Enwell Energy (formerly Regal Petroleum). Both stocks have been rallying along with the spike in natural gas prices in Europe, which briefly touched an incredible peak of USD 980 per 1,000 cubic meters on the futures market before settling back to a still extremely high level near USD 800. Natural gas prices have more than doubled off their April lows, driven by a number of factors including extremely tight gas storage levels in Europe. The JKX stock gained 10.5% to GBp 40 on the nose and the ENW stock surged by 14.3% last week to GBp 36 per share. In other commodity related names, Ferrexpo (FXPO) slumped by 16% to GBp 321 as the iron ore benchmark price dropped further to USD 120 per tonne amid fears of a possible slowdown in demand in China.

Agro sector stocks were on the rise. MHP (MHPC) advanced by 6.4% to USD 7.02 after the company posted a record high net profit for 2Q21 which translated into earnings per share of USD 2.09. On the Warsaw Stock Exchange, Kernel (KER) grew by 9.0% to PLN 63.30 per share.

In Kyiv-listed stocks there was a decline in the major blue chips. As a result, the UX index shed 1.2% to 1811 points. UkrNafta (UNAF) dropped by 3.9% to UAH 245 and Raiffeisen Bank Aval (BAVL) corrected by 2.2% to 44.00 kopecks. TurboAtom (TATM) fell 7.5% to UAH 6.20 with a possible further drop to as low as UAH 1.95 per share, the level of valuation that was artificially indicated by the State Property Fund in August. Quotes for CentrEnergo (CEEN) remained unchanged at UAH 9.50.

POLITICS AND ECONOMICS

- Ukraine’s Draft 2022 Budget Has Deficit of 3.5% of GDP, Down From 5.1% in 2021

STOCKS IN THE NEWS

- MHP Impresses by Doubling Net Profit to USD 231mn in 2Q21

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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