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Analytics and Market news

Monday, 17 January 2022

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian Exchange index rose by 0.6% last week to close at 1746 points. The performance in major Kyiv-listed stocks was volatile as high natural gas prices across Europe hurt manufacturing and agro sectors badly. Ukraine has been on a long journey to link its domestic gas prices to import prices, but the current elevated energy costs have prompted the government to provide subsidies to “vulnerable” industries to help them to overcome energy problems this winter. Ukraine started this year with 13.5bn cubic meters of gas in the underground storage; 2.5bn cubic meters of gas were pumped out in December.

In individual stocks, there was a 9.5% drop in CentrEnergo (CEEN) to UAH 6.70 as the coal shortage and its high costs threaten the company’s entire operation. CentrEnergo has imported part of coal for its thermal electricity plants all the way from the US. On the upside, UkrNafta (UNAF) gained 5.4% to UAH 291 as rising crude prices are positive for the company’s bottom line. Raiffeisen Bank (BAVL) added 4.4% to 44.9 kopecks as the bank’s earnings for FY21 are forecasted at 8.0 kopecks per share.

In London trading, Enwell Energy (former Regal) grew by 8.7% to GBp 36.20, boosted by another spike in the natural gas price to USD 1,030 per 1,000 cubic meters. On the downside, Ferrexpo (FXPO) fell 11% to GBp 277 and MHP (MHPC) declined by 2.4 to USD 6.56.

On the Warsaw Stock Exchange, Kernel (KER) and Astarta (AST) decreased by 3.1% and 3.8% respectively, with the former closing at PLN 57.10.

On the currency front, the hryvnia lost 1.9% amid the ongoing geopolitical tensions between Russia and the US, ending trading on Friday at 28.00 UAH/USD on the nose, which is the currency’s lowest level since April 2021. The hryvnia is likely to devalue further unless economic and geopolitical risks ease shortly; we see the NBU as defending the 29.50 level in the coming 2 months to keep the hryvnia clear of the 30 barrier.


- Massive Selloff in Ukraine Bonds after US, Russian Positions Harden

- Zelenskiy Loses Challenge to Biden in Senate Vote on Nord Stream

- Ukraine Ends 2021 with Inflation of 10% Despite PPI Surge of 62%

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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