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Analytics and Market news

Monday, 20 December 2021

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities ended mixed last week amid continued tensions over the Russian military situation and volatile trading on major global bourses. European stocks retreated due to worries that renewed COVID spread will rein in global growth in an environment of reduced monetary stimulus. Meanwhile, the US Federal Reserve on Wednesday (Dec 15) announced that it intends to be aggressive on cutting back bond purchases, and also foresees several interest rate hikes in 2022.

In terms of individual share price movement, Kyiv-listed UkrNafta (UNAF) advanced by 3.6% to UAH 290 ahead of the company’s special shareholders meeting with an agenda to split the company’s assets. We suppose that the meeting called for Dec 23 will not have a quorum, and therefore the asset split issue will be postponed once again.

In other UX index components, CentrEnergo (CEEN) edged up by 0.4% to UAH 7.04 and Raiffeisen Bank (BAVL) was unchanged at 42.00 kopecks. On the clear downside, TurboAtom (TATM) plunged by 32% to UAH 3.30 after the company managed to complete its unfavorable (for minority shareholders) merger with the 100% state-owned ElectroTyazhMash. The merger will lead to a catastrophic dilution of TurboAtom’s minority shareholders.

On the London Stock Exchange, Ferrexpo (FXPO) gained 2.6% to GBp 304 while MHP (MHPC) edged down by 0.3% to USD 6.82.

In Warsaw trading, Ukrainian agro producers finished notably lower with Astarta (AST) dropping by 5.8% to PLN 39.55 and Kernel (KER) losing 4.6% to close at PLN 56.40.

On the currency front, the hryvnia saw a substantial decline of 1.3% to 27.27 UAH/USD as tough back-and-forth comments between Russia and the West fueled some speculative betting against Ukraine’s currency. The National Bank tried to defend the hryvnia by selling USD 132mn on the interbank market.

POLITICS AND ECONOMICS

- Germany Gets Tough on Russia as Cruz Forces Vote on Nord Stream Sanctions

- Ukraine Smashes Harvest Record with 84mn Tonnes in 2021

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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