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Monday, 15.08.2022 16:25
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Analytics and Market news

Monday, 15 November 2021

Ukraine Weekly Market Monitor

Eavex Capital

The UX index edged higher by 0.8% to 1837 points last week after news that the IMF board is due to consider the allocation of a USD 700mn loan disbursement to Ukraine on Nov 22. There is a high probability that the country will get this tranche, which should help to improve Ukraine’s overall macroeconomic stability.

The largest contribution to the gauge’s growth came from lightweight index component DonbasEnergo (DOEN), which demonstrated a surge for the second straight week. Quotes for DOEN leapt by 43% to UAH 25.00. CentrEnergo (CEEN) climbed by 2.5% to UAH 8.20. Heavyweight UkrNafta (UNAF) dropped by 7.2% to UAH 270 after NaftoGaz published a statement saying that the state-owned company had not come to any agreement with UkrNafta regarding the disputed volumes of natural gas that NaftoGaz de-facto expropriated from UkrNafta back in 2006-2013. NaftoGaz said that it had not agreed with UkrNafta’s demand to return gas or to pay compensation for the disputed gas at the current market price. Moreover, NaftoGaz proposed to consider a buyout of UkrNafta’s stake from Privat Group in exchange for the company’s crude oil extraction business. So it is unclear what scheme of the UkrNafta split will be voted on at the shareholder meeting set for Nov 30.

On the London Stock Exchange, Ukrainian equities were mixed, with Ferrexpo (FXPO) rebounding by 6.7% to GBp 304 while Enwell Energy (former Regal) corrected further by 8.3% to GBp 36.40.

Warsaw-listed Agroton (AGT) fell back by 12% to PLN 8.90 after briefly touching a 9-year maximum of PLN 11.10 per share. Astarta (AST) also declined notably from the stock’s recent peak, losing 8.5% to PLN 50.70. Meanwhile, Kernel (KER) was flat at PLN 61.00.

On the currency market, the hryvnia dropped by 0.5% to 26.25 UAH/USD amid the broad gains in the US dollar against most other currencies last week.

POLITICS AND ECONOMICS

- Top Media Outlet Critical of Zelenskiy Shut Down by Owner

- Ukraine CPI Up 0.9% in October, Putting 12M Inflation at 10.9%

STOCKS IN THE NEWS

- Raiffeisen Bank Delivers 31% YoY Profit Growth to UAH 1.4bn (EPS of 2.25 kopecks) 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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