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Analytics and Market news

Monday, 26 December 2022

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities were mostly higher over the week after the IMFs management approved Ukraines request for Program Monitoring with Board Involvement the first arrangement of its kind to maintain economic stability and catalyze donor financing. For the past 10 months, Ukraine has withstood the largest full-scale military aggression in Europe since World War II. Ukrainians have demonstrated fantastic resilience. The impact of the war is hard even to comprehend. According to preliminary estimates, Ukraine lost at least one-third of its GDP in 2022. Nevertheless, the countrys economy adjusted to the war. New sectors of the economy were created that focused on supporting Ukraines armed forces. Moreover, the banking system was strong and operated with no functional limitations during the whole war.

At the top of the UX index, Raiffeisen Bank (BAVL) surged by 20% to 32 kopecks per share last week. In other blue chips, CentrEnergo (CEEN) advanced by 3.8% to UAH 3.95 after the company appointed a new CEO Volodymyr Yegorov who previously worked as a deputy commercial director at DonbassEnergo (DOEN). The management shakeup at CentrEnergo could smooth the companys conflict regarding the natural gas supply from the state-giant NaftoGaz.

On the London Stock Exchange, Ukrainian iron ore miner Ferrexpo (FXPO) gained by 8.4% to GBp 173 as the company partly resumed its operations despite the very difficult situation with the electricity supply. MHP (MHPC) rose by 3.2% to USD 3.51 while Enwell Energy (former Regal) declined by 0.9% to GBp 16.2 after its auditor PwC resigned due to inability to service Enwell after the companys beneficiary owner Vadym Novinsky was included into the Ukrainian sanction list.

In Warsaw trading, Kernel (KER) shed by 2.5% to PLN 17.06, and Agroton (AGT) edged down by 1.2% to PLN 3.40.

The cash hryvnia exchange rate weakened by 1.5% over the week to 40.60 UAH/USD. 


- No Change in Biden Admins Weapons Policy after Zelenskiy Visit

- Ukraine Would Need to Import 5 billion cubic meters of Gas in 2023

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:


full report

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Please contact us by email:

Dmitry Churin, Head of Research, [email protected]

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