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Analytics and Market news

Monday, 14 March 2022

Ukraine Weekly Market Monitor

Eavex Capital

Trading in Kyiv-listed stocks has been suspended since February 24 due to the Russian open military invasion of Ukraine.

Ukrainian business is experiencing enormous challenges right now as the war destroys the countrys infrastructure, causes migration, and hurts the financial system. The National Bank halted the interbank currency market to prevent the uncontrolled devaluation of the hryvnia. The official exchange rate was fixed at 29.25 UAH/USD while the cash exchange rate jumped to 32.65 UAH/USD, demonstrating a rise of 11.6% since Russia started the war.

Among individual companies, UkrNafta (UNAF), Ukraines largest oil producer, reported that it tried to continue oil&gas extraction. However, UkrNafta admitted that it had casualties among workers and faced shelling of the companys facilities located in Eastern Ukraine.

CentrEnergo (CEEN), a thermal electricity producer, said that its power units continued to operate but coal inventories were quite low.

Warsaw-listed Ukrainian agro companies lost about half of their market capitalization as a result of Russian full-scale military aggression against Ukraine. Kernel (KER) shares plunged by 62% to PLN 20.70 since Feb 24. Astarta (AST) tumbled by 43% to PLN 19.56.

On the London Stock Exchange, Ukrainian iron ore miner Ferrexpo (FXPO) dropped by 46% to GBp 150, and poultry maker MHP (MHPC) fell 44% to USD 3.53 per share.

Ukrainian sovereign Eurobonds moved into the distressed territory due to the war. Nevertheless, there was some rebound for the benchmark 10-year bond last week as quotes increased from 20 cents to 27 cents on the dollar. The yield to maturity for the issue now stands at 33.6% compared to 40.6% YtM a week ago.

The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Banks official website under the link below:


The National Bank also opened a fundraising account for Humanitarian Assistance to Ukrainians. Please see details under the link below:


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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