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Analytics and Market news

Monday, 1 November 2021

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed equities were firmly higher last week, with the UX index gaining 4.9% to 1838 points. Earnings reports for 3Q have been better than expected so far. CentrEnergo (CEEN) picked up 6.7% to UAH 8.00 after the company surprised to the upside with its positive bottom line for Jul-Sept despite very challenging conditions on the domestic electricity market. UkrNafta (UNAF) advanced by 13.1% to UAH 285 per share ahead of the earnings release as preliminary forecasts point to a strong profit due to the rallying crude price. Quotes for Raiffeisen Bank Aval (BAVL) remained flat at 45.00 kopecks for the third straight week.

Meanwhile, Ukraine finally received the second EUR 600mn installment in its program of COVID macro-financial assistance from the EU. The European Commission last year allocated an assistance package of EUR 3.0bn to ten candidate countries and members of the Eastern Partnership to help these countries overcome the economic consequences of the COVID-19 epidemic. Ukraine received EUR 1.2bn from this package.

In London trading, MHP (MHPC) dropped by 5.9% to USD 7.60 on some apparent profit-taking after the stock’s recent climb from the USD 6 level. Natgas producer Enwell Energy (former Regal) jumped by 15.9% to GBp 47.50 per share.

On the Warsaw Stock Exchange, there was a sharp 16.6% rise in quotes for Agtoton (AGT) to PLN 9.68. We have not found a clear trigger for this growth, and we assume it was some speculative trades amid the overall high harvest figures for Ukrainian agro companies. Astarta (AST) picked up 4.6% last week to close at PLN 54.10 while Kernel (KER) corrected by 3.2% to PLN 60.20.

On the interbank currency market, the hryvnia inched up by 0.1% to 26.27 UAH/USD as the hard currency inflow from grain exports remained a positive factor for the country’s trade balance. Ukraine has exported 17.8mn tonnes of grain since July, including 11.5mn tonnes of wheat.

POLITICS AND ECONOMICS

- Germany, France Criticize Ukraine’s Drone Strike on Donbass Target

- Ukraine’s Industrial Output Down 0.7% YoY in September; Retail Growth Slows to 6% YoY

STOCKS IN THE NEWS

- CentrEnergo Stuns Market with UAH 436mn Profit for 3Q21

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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