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Analytics and Market news

Monday, 29 January 2024

Ukraine Weekly Market Monitor

Eavex Capital

In the US stock market, the S&P 500 index continues to hit historic highs, gaining 1.1% to reach 4890 points over the week. The driving force behind the index this time was the surge in Netflix shares, which rose by 18% after the company reported an increase in its subscriber base by 13mn to 260mn users. Meanwhile, Tesla and Intel stocks looked noticeably weaker, dropping 13% and 9%, respectively, following lackluster quarterly reports.

Overall, global stock market indicators showed an upward trend throughout the week. The MSCI Emerging Markets Index added 1.4%, and the MSCI All Country World Index rose by 1.2%.

Among Ukrainian companies trading on the London Stock Exchange, Poultry producer MHP (MHPC) saw a 2.4% increase to USD 3.38 per share (MCap of USD 362mn). For Ferrexpo (FXPO), the price increased by 6.3% to GBp 85.9 (MCap of USD 652mn).

On the Warsaw Stock Exchange, Kernel (KER) shares surged by 15% to PLN 10.30 (MCap of USD 750mn) after the company reported a 13% increase in sunflower oil production to 388,000 tonnes in October-December.

Kyiv-listed Raiffeisen Bank (BAVL) gained by 1.6% to 32.50 kopecks per share (MCap of USD 523mn) ahead of publication of the preliminary financial results for 2023. We forecast, that the bank’s net profit will top USD 142mn, implying a trailing P/E multiple of just 3.7x. On the P/B side, the bank valued at 0.9x.

Electricity generator CentrEnergo (CEEN) declined by 2.2% to UAH 4.40 (MCap of USD 43mn).

In the currency area, the hryvnia strengthened by 0.8% on the cash market to 38.20 UAH/USD. The official exchange rate stood at 37.58 UAH/USD at the end of last week.

POLITICS AND ECONOMICS

- Biden Admin Doesn’t Expect Ukrainian Territorial Gains in 2024; Putin Could Yield on Ukraine NATO Bid

- National Bank Decides to Hold Key Interest Rate at 15%

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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