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Analytics and Market news

Monday, 8 August 2022

Ukraine Weekly Market Monitor

Eavex Capital

There was some sign, that the kremlin is ready to begin peace talks on bringing the war in Ukraine to a halt. But the Ukrainian president has warned that if moscow proceeds with referendums in occupied areas of his country on joining Russia, there could be no talks with Ukraine or its international allies. Kyiv is in no mood for talks and certainly will not concede to any of russias demands. 84% of Ukrainians are against peace with russia if it involves territorial concessions. Ukrainian and russian officials held several sessions of talks soon after russian forces launched their invasion of Ukraine in February, but little progress was made and no meetings have been held since late March.

In economic developments, Ukraines creditors vote this week on a government proposal to defer payments on the countrys international bonds for 24 months. Creditors of UkrAvtodor and UkrEnergo, two state-owned companies that have government guarantees on their debt, also have until Aug. 9 to vote on a plan similar to the sovereign.

On the London Stock Exchange, iron ore miner Ferrexpo (FXPO) had no reaction to the companys poor financial results for 1H22. The FXPO stock edged up by 0.5% to GBp 149.

Warsaw-listed Kernel (KER) dropped by 5.5% to PLN 24.56 ignoring a new forecast that Ukrainian grain harvest could reach 65mn tonnes, compared to an earlier assessment of 60mn tonnes harvest.

Trading in stocks on the Ukrainian Exchange is resuming today. We expect high volatility in quotes for major blue chips during this week.      

The hryvnia gained by 3.2% to 39.70 UAH/USD on the OTC cash market. The official exchange rate remained at 36.57 UAH/USD. The National Bank reported that the pace of the FX reserves depletion slowed down to just 2% in July (USD 417mn) with reserves standing at USD 22.4bn as of Aug 1.

STOCKS IN THE NEWS

- Ferrexpos Net Profit Plunges 88% YoY to USD 82mn in 1H22

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/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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