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Analytics and Market news

Monday, 12 June 2023

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian Exchange index rose by 1.4% to 1756 points during the week, driven by a sharp increase in quotes of CentrEnergo (CEEN) by 24% to UAH 6.18 per share. Thus, the indicative quotes of CentrEnergo have increased by 50% since the beginning of the year, from the level of UAH 4.00 to the level of UAH 6.00. Among the positive news for the country’s energy market, it is worth noting that approximately 700mn cubic meters of gas were injected into underground gas storage facilities in May. According to the gas pipeline operator UkrTransgaz, as of June 9th, gas reserves in Ukrainian underground storage facilities amount to 9.7bn cubic meters. Ukraine intends to inject 14.5bn cubic meters of gas into storage facilities before the start of the next heating season. Domestic gas production volumes could provide approximately 3.5bn cubic meters by early October. This means that the need for gas imports amounts to a reasonably acceptable 1.3bn cubic meters for the next four months. The current price of natural gas on European exchanges is about USD 370 per thousand cubic meters.

On the London Stock Exchange, Ferrexpo continued to lose its market capitalization. The price of Ferrexpo shares dropped by 2.8% to GBp 97 during the week. Since the beginning of the year, the decline amounts to 38%. Shares of MHP (MHPC) saw a slight rise of 0.3% to USD 3.75.

In Warsaw trading, Ukrainian sugar producer Astarta (AST) slipped by 1.2% to PLN 32.15 while low-liquidity Agroton (AGT) advanced by 5.2% to PLN 3.47.  

The hryvnia gained by 0.4% on the cash market to trade at 37.05 UAH/USD. The situation on the interbank currency market was more balanced last week, allowing the National Bank to limit interventions to USD 292mn, compared to USD 442mn over the preceding week. Overall, since the beginning of the year, the National Bank has sold USD 11bn from the country’s FX reserves.

POLITICS AND ECONOMICS

- Ukraine’s GDP Down 10.5% YoY in 1Q While on Quarterly Basis Growth Stands at 2.4%

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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