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Analytics and Market news

Monday, 25 September 2023

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian issuers’ stocks exhibited mixed dynamics throughout the week, showing low correlation with global stock markets, which saw a significant drop in equity indices. Specifically, the S&P 500 index lost 2.9% for the week, while the MSCI index for emerging markets fell by 2.1%. The decision by the US Federal Reserve to leave the key interest rate unchanged at 5.5% was widely anticipated, but the regulator’s comments regarding the possibility of further rate hikes to combat inflation raised concerns among most traders. The consensus among economists suggests a 50% probability of a 25-basis-point increase in the US key rate by the end of this year. Meanwhile, the yield on 10-year US Treasury bonds in the secondary market rose to 4.46% in response to the prospect of a higher key interest rate. 2-year US bonds were trading at a yield of 5.12%.

Ukraine’s Eurobonds remained largely stable in price throughout the week, with the 10-year bond quotes hovering around 28 cents on the dollar, translating to a yield to maturity of 32%.

On the Ukrainian Exchange there was a sharp increase in indicative quotes for CentrEnergo (CEEN) soaring by 73% to UAH 9.60 per share. However, only one low-volume trade took place at this price. Raiffeisen Bank (BAVL) saw a 2.9% increase in quotes to 28 kopecks.

Among Ukrainian companies trading on foreign exchanges, there was continued turbulence in Ferrexpo (FXPO), which lost an additional 6.7%, trading at GBp 78 per share. The National Police reported illegal use of subsoil resources at one of Ferrexpo’s mining plants, which was decidedly negative news for the company’s shares.

Meanwhile, Kernel (KER) experienced a speculative rebound in its quotes, rising by 8.7% to PLN 6.90, while MHP (MHPC) shares saw a 0.3% decline to USD 3.48 ahead of the release of the company’s financial results for the second quarter, scheduled for today.

POLITICS AND ECONOMICS

- Zelenskiy Expects Investment Flow on Back of Western Security Guarantees

STOCKS IN THE NEWS

- Metinvest Posts EBITDA of USD 487mn in 1H2023 (-69% YoY)

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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