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Analytics and Market news

Monday, 13 November 2023

Ukraine Weekly Market Monitor

Eavex Capital

For the second consecutive week, the S&P500 index is showing significant growth, driven by investor optimism regarding the potential conclusion of the interest rate hike cycle by major central banks. In its latest analytical report, UBS predicts that the S&P500 will reach 4700 points next year, a 6.5% increase from the current value of 4415 points. The index has seen a 15% increase since the beginning of this year, rebounding from a 20% decline in 2022. Currently, most economists believe that the U.S. has the opportunity to avoid a recession, contributing to further corporate profit growth. In this context, even high price/earnings multiples for most S&P500 index stocks are not expected to hinder their stock price appreciation on the market.

In Ukraine, the UX index dropped by 4.3% to 1874 points last week, while the rise from the start of the year was 20%. CentrEnergo (CEEN) remained in the correction territory falling by 6.7% to UAH 7.00. Raiffeisen Bank (BAVL) was unchanged at 28 kopecks per share.

Iron ore miner Ferrexpo (FXPO) slipped by 3.3% to GBp 77.1 in London trading despite the benchmark iron ore prices demonstrating a firm rise this month to USD 128 per tonne.

Poultry maker MHP (MHPC) was also lower, decreasing by 4.0% to USD 3.36. The MHPC stock has lost 10.4% so far this year.

On the Warsaw Stock Exchange, Astarta (AST) edged down by 1.0% to PLN 29.40 after the company reported worse-than-expected earnings for 3Q2023. However, for 9M2023 Astarta managed to deliver a net profit of EUR 56mn implying EPS of PLN 10.16.

The hryvnia was higher over the week gaining by 0.5% against the dollar to trade at 37.50 UAH/USD on the cash market. The official hryvnia exchange rate currently stands at 36.08 UAH/USD.


- Astarta Decreases Net Profit by 10% YoY to EUR 56mn in 9M2023 Despite Sales Rise of 14% 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:


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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