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Analytics and Market news

Monday, 27 September 2021

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv ended mostly lower last week amid a lack of any growth drivers on the domestic market. Turboatom (TATM) was once again the worst performer among the UX index components, falling 4.8% to UAH 5.90 after information that the company took on additional debt for its merger with state-owned heavy machinery producer ElectroTyazhMash. As we reported earlier, there is a high probability that this merger will dilute the minority shareholders of TurboAtom. In other local blue chips, CentrEnergo (CEEN) contracted by 2.7% to UAH 9.24 and UkrNafta (UNAF) shed 2.0% to UAH 240 per share. Raiffeisen Bank Aval (BAVL) was unchanged at 44.00 kopecks. Meanwhile, the non-UX basket stock of railcar producer Krukiv Wagon (KVBZ) surged by 13.2% to UAH 21.00 without a clear trigger.

In economic news, the IMF monitoring mission on the review of the cooperation program with Ukraine started to work on Sept 21. There is a good chance that the country will get the second tranche of USD 750mn from the Washington-based lender by the end of the year. Ukraine needs external financing for debt servicing and covering the national budget deficit that is estimated at 5.1% of GDP for 2021 and 3.5% of GDP for 2022.

On the London Stock Exchange, JKX Oil&Gas (JKX) reached a 2-year maximum of GBp 44.80 per share, as high natural gas prices should boost the company’s profit. On the flip side, the falling prices for iron ore continue to drag Ferrexpo (FXPO) back from its multi-year high of GBp 500 touched back in early July. Quotes for the FXPO stock edged down by 1.1% last week to close at GBp 318. MHP (MHPC) slipped by 0.9% to USD 6.96 after its solid double digit gain earlier this month. Warsaw-listed Kernel (KER) lost 4.9% to PLN 60.20, also due to profit taking off of a multi-year high. Agroton (AGT) dropped by 7.5% to PLN 7.88.

On the currency front, the hryvnia had a low volatility week, inching down by 0.2% to 26.73 UAH/USD. We reiterate our forecast that the exchange rate will be moving toward the 28.00 UAH/USD level in the coming weeks.

POLITICS AND ECONOMICS

- Ukraine Passes Law Defining Oligarchs and Restricting Their Activity

- Ukraine Industrial Output Edges Up 0.6% YoY in August as Recovery Lags

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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