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Analytics and Market news

Monday, 15 January 2024

Ukraine Weekly Market Monitor

Eavex Capital

The global financial markets entered a new period of turbulence following worse-than-expected inflation data in the U.S., casting doubt on the scenario of the Federal Reserve initiating a key interest rate cut in March. Consequently, the world’s largest capitalized companies exhibited varied dynamics since the beginning of the year. Apple’s stock fell by 3.9%, while Microsoft saw an increase of 3.2%. Companies in the oil and gas sector were predominantly under pressure due to negative factors last week, including a 1.5% decrease in the price of WTI crude oil to USD 73 per barrel.

Among Ukrainian companies traded on foreign exchanges, there was a noticeable change in the valuation of Ferrexpo (FXPO). Ferrexpo’s stock slipped by 12% to GBp 72.7 (MCap of USD 552mn). Meanwhile, Astarta (AST) experienced growth of 5.6% to PLN 30.30 (MCap of USD 186mn). There are forecasts that Astarta will demonstrate a decent profit this year, giving the company a valuation of only 2.0x P/E (price/earnings ratio). Poultry producer MHP (MHPC) shed by 0.9% over the week to close at USD 3.30 (MCap of USD 353mn).

On the Ukrainian Exchange, the indicative price of Raiffeisen Bank (BAVL) remains at 32 kopecks per share (MCap of USD 507mn). Power utility company CentrEnergo (CEEN) rose by 4.7% to UAH 4.70 (MCap of USD 45mn).

In the interbank foreign exchange market, the peak exchange rate reached 38.28 UAH/USD last week. However, the hryvnia closed Friday’s trading at 37.92. On the cash market, the national currency strengthened by 0.5% to 38.8 UAH/USD.

POLITICS AND ECONOMICS

- US to Press Zelenskiy on War Strategy in Davos; Yermak Says Ukraine Won’t Accept Frozen Conflict

- Inflation in Ukraine Ends at 5.1% YoY in 2023 after 26% YoY in 2022

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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