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Analytics and Market news

Tuesday, 17 May 2022

Ukraine Weekly Market Monitor

Eavex Capital

London and Warsaw listed Ukrainian equities declined last week as the countrys Defense Minister Oleksii Reznikov said Ukraine was entering a new long-term phase of the war. Meanwhile, russian occupation authorities continue to face administrative problems that prevent russia from establishing full control over occupied territories in Ukraine.

Iron ore producer Ferrexpo (FXPO) dropped by 3.4% to GBp 147 despite the announcement that the company intended to pay an additional dividend of 6.6 cents per share from FY21 profit. We estimate a dividend yield at 3.7% taking into account the FXPO stock current price. In other names, Kernel (KER) edged down by 0.5% to PLN 23.88  while Agroton (AGT) advanced by 6.1% to PLN 4.88.

On the Ukrainian stock market trading in stocks and bonds remained suspended as the country is under martial law.

The Finance Ministry offered a new issue of the special UAH-denominated bonds with a yield of 11.5% and maturity in October 2023. However, investors demand for Ukrainian government debt papers remained moderate prompting the National Bank to inject UAH 30bn into the special bond last week which de-facto direct financing of the national budget. Local and foreign investors can purchase the special Ukrainian bond through licensed brokers or banks.  

On the OTC cash market, the hryvnia devaluated by 6.6% over the week to trade at 34.50 UAH/USD. Operations on the interbank currency market remained restricted and conducted close to the official exchange rate which was frozen at 29.25 UAH/USD.

POLITICS AND ECONOMICS

- Russians Pushed Out of Kharkiv but Still Hold Southeast Coast; Donbass Offensive Bogs Down

- Official Inflation in Ukraine Rises to 16.4% YoY in April from 13.7% YoY in March

 

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:

www.bank.gov.ua/en/news/all/natsionalniybankvidkrivspetsrahunokdlyazborukoshtivnapotrebiarmiyi

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

www.bank.gov.ua/en/news/all/natsionalniybankvidkrivrahunokdlyagumanitarnoyidopomogiukrayintsyampostrajdalimvidrosiyskoyiagresiyi


full report


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