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Analytics and Market news

Monday, 11 October 2021

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities were little changed amid a roller-coaster week for global stocks. Investors had concerns that the skyrocketing price for natural gas will hurt profit margins for most manufacturing companies. The UX index inched up by 0.2% to 1843 points in muted trading activity. Electricity producer CentrEnergo (CEEN) declined by 1.1% to UAH 9.20 as the rising price for coal is putting the company in a bad position. Currently we expect nothing good from the company’s 3Q21 financial report due at the end of the month. DonbasEnergo (DOEN) fell 6.7% to UAH 14.00. On the upside, Raiffeisen Bank (BAVL) gained 4.7% to close at 45.00 kopecks amid positive speculation about the bank’s net profit for the Jul-Sept quarter. UkrNafta (UNAF) added 0.8% to UAH 265 per share; the company’s implied market cap of USD 540mn is hardly reflective of the scale of UkrNafta’s business, which features both upstream and downstream oil&gas segments.

On the London Stock Exchange, JKX (Oil&Gas) decreased by 1.0% to GBp 48.50 after the company unveiled its intention to divest its Russian gas production subsidiary to focus on operations in Ukraine. Meanwhile, Enwell Energy (former Regal) advanced by 3.2% to GBp 40 on the nose. In other sectors, iron ore miner Ferrexpo (FXPO) was flat at GBp 310 and poultry maker MHP (MHPC) added 5.0% to USD 7.58 per share.

In Warsaw trading, Kernel (KER) picked up 6.3% to finish at PLN 63.80 after the company reported an outstanding net profit for its FY21 ending in June. However, the largest part of the profit came from successful soft-commodity trading operations, making investors skeptical whether Kernel can easily repeat that success.

On the currency front, the hryvnia strengthened by 0.9% to 26.38 UAH/USD. The National Bank had to intervene on the interbank market with foreign currency purchases to prevent the hryvnia from further speculative appreciation. There was a rumor that a large state-owned company has been selling foreign currency that it borrowed on the international market.

POLITICS AND ECONOMICS

- UkrEximBank CEO Suspended Amid Controversy over USD 60mn Loan

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

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

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