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Analytics and Market news

Monday, 5 September 2022

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian Exchange index decreased by 3.7% last week to close at 1495 points on Friday (Sept 2). The gauge has fallen by 14% since the start of the year which was less than a 21% YTD drop for the MSCI Emerging Market index. This is largely explained by the presence of Motor Sich (MSICH) stock in the UX basket. The MSICH stock has been frozen from trading since April 2018 after the Kyiv court made a corresponding decision amid an allegation that a Chinese businessman took over Motor Sich without Antimonopoly Committee’s permission.

Among individual share movements last week, there was a 12% drop in UkrNafta (UNAF) to UAH 219. We assume that the UNAF stock suffered a sell-off after the company’s parent NaftoGaz said in its annual report that UkrNafta’s net profit was UAH 2.5bn in FY21 (EPS of UAH 46) which was below a forecast of a net profit of UAH 95 per share. UkrNafta has not published its annual and quarterly financial results due to the imposition of martial law in Ukraine.

CentrEnergo (CEEN) and Raiffeisen Bank (BAVL) were flat last week to trade at UAH 4.5 and 31 kopecks per share respectively. 

London-listed Ferrexpo (FXPO) declined by 2.4% to GBp 152 while Enwell Energy (former Regal) grew by 4.3% to GBp 21.1.

Ukrainian agro companies finished mostly lower with Kernel (KER) slipping by 9.5% to PLN 20.6 and poultry maker MHP (MHPC) falling by 5.2% to USD 3.61. As an exception, sugar producer Astarta (AST) gained by 2.4% to PLN 21.35.

On the currency front, the hryvnia remained more or less stable at 40.85 UAH/USD on the OTC cash market. The National Bank continued to stick to the frozen official exchange rate at 36.57 UAH/USD, spending USD 1.3bn on the interbank market in August to fill the demand for the hard currency. The regulator’s interventions totaled USD 15.4bn since the start of the year to prop up the hryvnia. 

POLITICS AND ECONOMICS

- NaftoGaz Defers EUR 600mn Eurobond Repayment from 2024 to 2026

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


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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