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Analytics and Market news

Monday, 7 August 2023

Ukraine Weekly Market Monitor

Eavex Capital

The monthly Business Activity Expectations Index, calculated by the National Bank, has revealed a cautious stance among businesses in evaluating the outlook for their enterprises in the near term, following three consecutive months of positive expectations. In other words, we’re witnessing a scenario where certain unwarranted hopes within the real sector for a swift economic recovery are being observed. Services companies continued to report the most guarded economic outlook among other sectors of the economy due to the blocked grain corridor, higher fuel prices and falling demand because of households’ weak purchasing power. In contrast, construction companies have reported a positive economic outlook for three months in a row thanks to the rebounding construction of roads, bridges, tunnels and pipelines, and seasonal factors.

Ukrainian equities finished mixed over the week with the most disappointing performance in Ferrexpo (FXPO). The FXPO stock lost 11% to close at GBp 81.20 after the company reported poor financial results for 1H23 with a three-fold drop in both the top and the bottom line in the period.

In Warsaw trading, Kernel (KER) rose by 4.6% to PLN 14.17 while Agroton (AGT) shed by 2.2% to PLN 3.12.  

On the Ukrainian Stock Exchange, Raiffeisen Bank (BAVL) fell 6.7% to 28 kopecks per share. On the upside, CentrEnergo (CEEN) grew by 4.6% to UAH 5.72 but this growth was only in the indicative quotes as no trading turnover was reported between the market players.

The hryvnia strengthened by 0.5% on the cash market to 37.35 UAH/USD while the official exchange rate remained pegged to 36.57 UAH/USD.

POLITICS AND ECONOMICS

- Zelenskiy Shifts Political Strategy Away from Counteroffensive Amid New Diplomatic Push

STOCKS IN THE NEWS

- Ferrexpo’s Net Profit Plunges 67% YoY to USD 27mn in 1H23

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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