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Analytics and Market news

Monday, 24 January 2022

Ukraine Weekly Market Monitor

Eavex Capital

Kyiv-listed stocks were under pressure last week due to fears of possible Russian aggressive actions against Ukraine. Russia’s foreign minister and his US counterpart held what they called “frank” talks to try to reduce the chance of a wider conflict in Ukraine. Official Moscow repeated denials that a huge Russian force assembled near Ukraine’s borders would be used to invade Ukraine. The US and its allies have repeatedly threatened new economic sanctions if the Russian military takes action.

The Ukrainian Exchange index dropped by 1.9% to 1712 points. The major losses were in the new UX index component MHP (MHPC), which fell 8.5% to USD 6.00 per share in London trading. Meanwhile, CentrEnergo (CEEN) showed some resistance to the sell-off, rebounding by 3.0% to UAH 6.90. Heavyweight UkrNafta (UNAF) declined by 7.2% to UAH 270 after the company announced another shareholders meeting on Feb 17 to try to decide on the company’s asset split between the main shareholders. So far there is no information about whether state-owned NaftoGaz will show up at the meeting, as the plan has many unresolved issues.

London-listed Ferrexpo (FXPO) and Enwell Energy (former Regal) also were sharply lower due to Ukraine-related country’s risks. The FXPO stock went down by 11% to GBp 247 and the ENW stock tumbled by 16% to GBp 30.30.

On the Warsaw Stock Exchange, Kernel (KER) got support from the company’s share buyback offer, which was announced with a price range from PLN 50 to PLN 60. The KER stock decreased by 3.9% last week to PLN 54.90. Sugar maker Astarta (AST) plunged by 15% to PLN 34.20 and Agroton (AGT) tanked by 8.4% to PLN 6.14.

On the interbank currency market, the hryvnia was highly volatile reaching 28.40 UAH/USD before settling at 28.23 UAH/USD on Friday, a drop of 0.8% for the week. Information about how much the NBU spent on interventions to defend the hryvnia was not immediately available.

POLITICS AND ECONOMICS

- US at Odds with Zelenskiy as Blinken Rejects Pre-Emptive Sanctions Against Moscow

STOCKS IN THE NEWS

- Kernel Reports 45% YoY Growth in Grain Export Volumes to 3.5mn tonnes in Oct-Dec Quarter

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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