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Analytics and Market news

Monday, 24 July 2023

Ukraine Weekly Market Monitor

Eavex Capital

There was a downturn in the stocks of most Ukrainian agro companies, due to  a reaction from traders on russia’s exit from the grain agreement. This agreement had allowed for the safe export of grains from Ukrainian ports. Quotes for poultry producer and exporter MHP (MHPC) dropped by 4.0% to USD 3.60 per share. Sugar maker Astarta (AST) declined by  5.7%, and Agroton (AGT) suffered losses of 4.5%.

The situation looked even bleaker for Kernel (KER), which plummeted by 6.3% to PLN 12.78. The company reported significant damage to its assets at the port of Chornomorsk due to a massive missile attack carried out by russia. Kernel is currently assessing the extent of the damages, but preliminary data suggest that it will take at least a year to rebuild the destruction. In addition to the infrastructure damage, the attack in the night of July 19th resulted in the partial destruction and damage of 60,000 tonnes of grain stored at the port of Chornomorsk.

Over the past 12 months (from July 2022 to June 2023), Kernel exported 3.8mn tonnes of grain, which is half of what was exported during the period from July 2021 to June 2022.

In the macroeconomic headlines, the government’s report revealed that during the first half of this year, a staggering UAH 672bn was allocated for military needs, while tax revenues to the budget amounted to UAH 600bn. These figures once again underscore the exorbitant cost Ukraine is compelled to bear in countering russian aggression. International partners of Ukraine have already provided direct budgetary support amounting to USD 23.6bn (UAH 863bn) this year.

The hryvnia cash exchange rate remains relatively stable, within the range of bid/ask of 36.55/37.15 UAH/USD. Over the course of the week, the National Bank sold USD 590mn from the FX reserves on the interbank market to balance the demand for foreign currency.


- russia Quits Black Sea Grain Initiative to Hurt the World

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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