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Analytics and Market news

Monday, 13 February 2023

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian stocks continued to demonstrate mixed performance amid a lack of clear understanding of what would be the endgame in the war started by russia a year ago. The Ukrainian military reported heavy russian shelling all along the frontline last week and said 16 settlements had been bombarded near the city of Bakhmut, in Donetsk, where intense battles are being fought. The military said its forces had repelled russian attacks in the country’s Donetsk, Kharkiv, Luhansk, and Zaporizhia regions. Ukrainian officials had been expecting a renewed offensive in the days leading up to the first anniversary of russia’s invasion of the country, on Feb. 24, given the penchant for military symbolism and anniversaries in moscow.

On the Ukrainian Exchange, shares of thermal power producer CentrEnergo (CEEN) rebounded by as much as 42% to UAH 2.95 after a steep drop seen earlier this month. Raiffeisen Bank (BAVL) was flat at 31.50 kopecks, and DonbasEnergo (DOEN) plunged by 31% to UAH 3.98 amid uncertainty what will be results of the company’s bankruptcy case filed last year.

In London trading, iron ore miner Ferrexpo (FXPO) slipped by 14% to GBp 137 per share after news that the company’s Poltava Mine got its banking account frozen due to an allegation of production tax payment avoidance. The company will try to unblock its banking accounts in court. Meanwhile, Enwell Energy (former Regal) gained by 5.1% to GBp 18.70, and MHP (MHPC) was unchanged at USD 3.39.

Kernel (KER) edged up by 0.9% to PLN 18.46 while Astarta (AST) fell by 5.7% to PLN 21.70.

On the currency front, the hryvnia strengthened by 0.5% to 40.00 UAH/USD (cash rate). The National Bank said that its foreign currency reserves increased by 5% MoM in January to USD 29.9bn. The government received financial aid from Ukrainian allies of USD 4.3bn last month while the National Bank’s interventions on the interbank market to support the hryvnia amounted to USD 3.1bn in January.    


- Russia Seeing Only Limited Gains from New Donbass Offensive

- Another Missile Attack on Ukrainian Energy Infrastructure Damages Several Thermal Power Plants

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:


full report

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Please contact us by email:

Dmitry Churin, Head of Research, [email protected]

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