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Analytics and Market news

Tuesday, 8 November 2022

Ukraine Weekly Market Monitor

Eavex Capital

There was bad news for UkrNafta’s minority shareholders this morning as the state ordered the unconditional transfer of private stakes in the company to the state account, which will be managed by the Defense Ministry. Currently, there is no official information on how minority shareholders of 50% + 1 share of state-owned UkrNafta would be compensated for their loss of ownership in the company. On the Ukrainian Exchange, the last price for UkrNafta was UAH 230 per share valuing the company at USD 308mn. 

In other Kyiv-listed equities, CentrEnergo (CEEN) remained unchanged at UAH 4.5 while Raiffeisen Bank (BAVL) dropped by 5% over the week to 20.9 kopecks amid fears that the bank’s loan portfolio quality will deteriorate due to electricity disruptions in Ukraine after energy infrastructure was partly destroyed by russian missiles attacks.

In Warsaw trading, Kernel (KER) surged by 9.2% to PLN 18.00 buoyed by the resumption of the Black Sea Grain Initiative. Sugar maker Astarta (AST) edged up by 1% to PLN 19.76 while Agroton (AGT) shed by 1.1% to PLN 3.49 per share. 

London-listed Ferrexpo (FXPO) rose by 9.8% GBp 113. On the downside, poultry producer MHP (MHPC) fell 9.3% last week to USD 2.91.

On the currency front, the hryvnia edged down by 1.0% on the OTC cash market to trade at 40.40 UAH/USD. News that the government improved its forecast for the national currency exchange rate from 50 to 45.8 UAH/USD for the end-2023 had a neutral influence.


- Republican Wins Unlikely to Reduce US Support for Ukraine - Biden Admin


- UkrNafta and Motor Sich Becoming 100% State-Owned

full report

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