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Analytics and Market news

Monday, 5 June 2023

Ukraine Weekly Market Monitor

Eavex Capital

The National Banks 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 banks 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 Enwells 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 share. 

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 Banks 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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