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Analytics and Market news

Monday, 6 February 2023

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks had a mixed performance over the week. However, some optimism in the domestic market was caused by a series of high-profile anti-corruption cases. In particular, the management of the Customs Service of Ukraine was dismissed on suspicion of corruption. In a general sense, the active fight against corruption of high-ranking officials should convince Ukraine’s international partners to provide the country with more financial resources to overcome the problems caused by russian military aggression. Negotiations are currently underway with the IMF on a new credit program for a period of three to four years, the volume of which will be from USD 14bn to USD 16bn, of which Ukraine can receive from USD 5bn to USD 7bn in the first year.

Among the heavyweight stocks of the Ukrainian Exchange index, the biggest gain was in CentrEnergo (CEEN). The CEEN stock rebounded by 17% to UAH 2.00 after a very significant drop from the level of UAH 4.00 at the beginning of the year. There was also a noticeable increase of 16% to UAH 14.2 in Krukiv Wagon (KVBZ). Over the past month, quotes for the KVBZ have risen by almost 30%, which we attributed to the expectation of certain changes in the structure of the company’s owners, as 25% of the shares still belong to a beneficiary from russia.

In London trading, MHP (MHPC) shares added 2.4% to USD 3.39 last week, while Ferrexpo (FXPO) fell 5.5% to GBp 160.

Warsaw-listed Kernel (KER) dropped by 5.2% to PLN 18.30 after reports that grin exports slowed from Ukraine in January. Inspections of ships carrying Ukrainian grain and other food exports have slowed to half their peak rate under a wartime agreement brokered by the United Nations. Some officials from the United States and Ukraine accuse russia of deliberately slowing inspections, which a russian official denied.

The hryvnia exchange rate on the cash market strengthened by 0.7% to UAH 40.20/dollar.

STOCKS IN THE NEWS

- Raiffeisen Bank Ukraine Reports Net Profit of UAH 1.5bn (2.4 kopecks per share) for 2022, Which Is Almost Three Times Less Than for 2021

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, [email protected]



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