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Analytics and Market news

Monday, 26 September 2022

Ukraine Weekly Market Monitor

Eavex Capital

Quotes for most Ukrainian stocks listed abroad were down over the week following a general drop on the market after the US Fed raised its key interest rate by 75 bps to 3.25%. The S&P500 index fell by 4.6% last week and the MSCI Emerging Market index declined by 2.3%.

The UX index components finished mixed in light trading volumes. Electricity generator CentrEnergo (CEEN) surprisingly rose by 6.4% to UAH 5.00 and UkrNafta (UNAF) was flat at UAH 229 per share. In contrast, Raiffeisen Bank (BAVL) slipped by 8.1% to 28.5 kopecks.

Warsaw-traded Ukrainian agro exporter Kernel (KER) lost 8.3% to close at PLN 17.40, which was even below the level seen in March amid the first shock from the russian attack on Ukraine. Small-cap Agroton (AGT) plunged by 19% to PLN 3.86 failing to consolidate the gain achieved over the preceding week.

On the London Stock Exchange, iron ore miner Ferrexpo (FXPO) tanked by 10% to GBp 136 after the company said it got a court ruling from Ukraine that canceled a purchase of 40% of Poltava Mining back in 2002. Ferrexpo is exploring all options for protecting its interests, including the right to appeal this decision to the Supreme Court of Ukraine. 

MHP (MHPC) decreased by 6.7% to USD 3.50 and Enwell Energy (former Regal) were lower by 4.1% to close at GBp 22.20.

On the OTC cash market, the hryvnia was weaker along with other world currencies which devalued against the dollar after the Fed raised the interest rate. The USDX index increased to 113 points, its highest level in the last 20 years. Although the official hryvnia exchange rate remained frozen at 36.57 UAH/USD, the cash rate moved to 42.80 UAH/USD.

POLITICS AND ECONOMICS

- Little Movement on Front Lines as Russia Tries to Annex Occupied Territories

- Ukraine’s National Budget for 2023 Bases on Assumption of 4.6% GDP Growth and Inflation of 30%

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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