The National Bank’s latest business survey said that the economic
activity expectations improved in Ukraine despite the ongoing full-scale war.
The successful restoration of the energy system, rebounding domestic demand,
due to, among other things, the gradual return of Ukrainians from abroad,
coupled with a stronger hryvnia, helped shape respondents’ positive views about
their business performance shortly. Construction companies reported the most
noticeable improvement in their views compared to other sectors. For the first
time in the last year and a half, companies in the sector expected growth in
their performance results.
Among individual stocks listed on the Ukrainian Exchange, quotes for
Raiffeisen Bank (BAVL) grew by 3.1% over the week to 33 kopecks after the
bank’s key financial results for 1Q23 beat expectations. Thermal power producer
CentrEnergo (CEEN) did not react to the news that the government raised the
household electricity tariffs for the first time since 2017 to help the energy
sector. The CEEN stock decreased by 2.0% to UAH 5.00.
London-listed Enwell Energy (former Regal Petroleum) plunged by 38% to
GBp 14.8 after the ex-right date for GBp 15.00 dividend per share. The company
is paying about USD 60mn in dividends which we view as a signal that Enwell’s
investment strategy in Ukraine will be scaled back. On the Warsaw Stock
Exchange, Ukrainian agro names were little active with Kernel (KER) rising by
2.2% to PLN 16.45 while Astarta (AST) declining by 1.2% to PLN 32.55 per
On the currency market, the hryvnia gained by 1.1% against the dollar on
the cash market to close at 37.20 UAH/USD. Meanwhile, the National Bank
continued to inject hard currency into the interbank market to balance the
demand. The regulator sold USD 442mn from the FX reserves last week.
POLITICS AND ECONOMICS
Sullivan: US Expects “Strategically Significant” Gains from Ukraine Offensive
STOCKS IN THE NEWS
- Raiffeisen Bank Ukraine Reports Net
Profit of USD 56mn in 1Q23, Implying 3.35 Kopecks per Share
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:
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or comments you may have regarding our research products.
Please contact us by email:
Dmitry Churin, Head of Research,