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Analytics and Market news

Monday, 20 November 2023

Ukraine Weekly Market Monitor

Eavex Capital

In the global financial markets, there is a certain optimism among investors, leading to a further decline in the yield of U.S. government bonds and an increase in major stock market indices. The yield on 10-year U.S. bonds is currently at 4.46%, and the S&P500 index has gained 17% since the beginning of the year.

Commodity markets are experiencing a period of high volatility in oil prices once again. Brent crude oil futures fell to USD 75 per barrel in the middle of last week and sharply rebounded to USD 81 per barrel. On November 26, the OPEC+ meeting is scheduled, where Saudi Arabia may announce its intention to reduce oil production to support higher prices. In the last month, oil prices have fallen by 9%.

Ukrainian companies trading on foreign exchanges have shown mixed dynamics in their quotations. Ferrexpo (FXPO) rose by 4.6% to GBp 80.6 (MCap of USD 603mn), while the shares of Astarta (AST) fell by 2.9% to PLN 28.6 (MCap of USD 173mn). Milkiland (MLK) shares also experienced a 2.9% decrease to PLN 0.67 (MCap of USD 5 mn).

Kernel (KER) rose by 1.7% to PLN 7.24 (MCap of USD 528mn) following the announcement that the company’s main shareholder purchased 762 thousand shares for approximately USD 1.4mn on the over-the-counter market. According to our calculations, the main shareholder’s stake in the voting shares of Kernel has reached 94.2%. The delisting process of Kernel from the Warsaw Stock Exchange is currently underway. A group of minority shareholders has already filed lawsuits to overturn the delisting decision.

On the interbank foreign exchange market, the National Bank continues to maintain the hryvnia exchange rate in a narrow corridor of 36.1 - 36.3 UAH/USD. The regulator sold USD 720mn from reserves during the week. Meanwhile, on the cash market, the dollar exchange rate rose by 0.7% to 37.3/37.8 UAH/USD (bid/ask).

POLITICS AND ECONOMICS

- Ukraine Claims Counteroffensive Success East of Kherson City

STOCKS IN THE NEWS

- MHP Reports Net Profit of USD 122mn in 9M2023 Implying EPS of USD 1.14

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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