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Thursday, 18.08.2022 05:53
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Analytics and Market news

Monday, 18 July 2022

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian agro stocks listed in Warsaw had a solid rebound last week after talks aimed at resuming Ukrainian grain exports blocked by russia in the Black Sea have produced a deal. Ukraine has been able to send some of its grain by road and rail, and a new naval route is opening up through the Danube estuary. But only 2.5mn tonnes were exported last month, much less than the eight million-tonne average before the war, and millions more are waiting in the Ukrainian port of Odesa. russian invasion of Ukraine has sent prices soaring for grains, cooking oils, fuel, and fertilizer. Ukraine and russia are major global wheat suppliers, and russia is also a large fertilizer exporter, while Ukraine is a significant producer of corn and sunflower oil.

Quotes for sunflower oil and grain exporter Kernel (KER) surged by 26% to PLN 24.10 and sugar maker Astarta (AST) gained as much as 30% last week to close at PLN 23.40. Eastern-Ukraine-based Agroton (AGT) showed a less impressive recovery advancing by 9% to PLN 3.63 per share.

In London trading, MHP (MHPC) grew by 2.7% to USD 3.80 while Ferrexpo (FXPO) fell further losing 3.3% to end at GBp 116. Ferrexpo’s business is suffering from the inability to export iron ore from Ukraine by sea. Moreover, the benchmark price for iron ore on the global market is on the decline falling to a level of USD 100 per tonne.

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

On the currency front, the hryvnia remained weak shedding 1.6% over the week to 37.10 UAH/USD on the OTC cash market. The official exchange rate remained frozen at 29.25 UAH/USD.

POLITICS AND ECONOMICS

- Fitch Downgrades NaftoGaz from CCC to C over Request to Defer Eurobond Payments

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

www.bank.gov.ua/en/about/support­the­armed­forces

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

www.bank.gov.ua/en/about/humanitarian­aid­to­ukraine


full report


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