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Analytics and Market news

Monday, 7 February 2022

Ukraine Weekly Market Monitor

Eavex Capital

There was mixed trading in Kyiv-listed stocks last week as UkrStat reported macroeconomic data indicating that Ukraine’s industrial production grew by just 1.1% YoY in full-year 2021, lagging behind the overall economic recovery in the country. The preliminary GDP growth figure for 4Q21 was estimated 5.9% YoY, putting the full-year GDP growth close to 3.0%. Taking into account the rising interest rate environment, Ukraine’s GDP growth this year is unlikely to exceed 3.5% YoY.

In individual share movement, UkrNafta (UNAF) declined by 2.8% to UAH 281 after the company said it was unable to increase crude extraction volumes in 2021, reporting a flat production result of 1.5mn tonnes in 2021 (10.9mn barrels). UkrNafta’s natural gas production edged down by 0.9% YoY to 1.12bn cubic meters. On the upside, Raiffeisen Bank (BAVL) advanced by 5.9% to 45 kopecks as the bank’s earnings results should be available any day, with expectations that EPS for FY21 could come at as much as 8 kopecks per share. CentrEnergo (CEEN) was unchanged at UAH 7.05.

London-listed Ferrexpo (FXPO) rose 5.2% to GBp 258 after country-related risks were seen to have declined somewhat.

In Warsaw trading, Kernel (KER) gained 1.3% to close at PLN 54.00 after the company reported that its bought almost 5% of its outstanding shares on the market at PLN 56 per share.

On the currency front, the hryvnia strengthened by 1.4% against the dollar to 28.12 UAH/USD. On the other hand, the hryvnia fell 0.6% against the euro to 32.12 UAH/EUR after the European Central Bank dropped its forward guidance for monetary tightening.

POLITICS AND ECONOMICS

- Macron in Moscow as China Backs Putin Against NATO Enlargement

- Danyliuk Warns on Russian Strategy of Using Donbass Against Kyiv

- Ukraine Posts Small BoP Surplus of USD 487mn for FY21

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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