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Analytics and Market news

Monday, 8 April 2024

Ukraine Weekly Market Monitor

Eavex Capital

The Ukrainian hryvnia strengthened by 0.9% to 38.86 UAH/USD on the interbank market last week, compared to 39.20 UAH/USD at the end of March. Positive momentum for the national currency stemmed from news of the National Bank’s FX reserves increasing by 18% to USD 43.8bn in a month, boosted by USD 9.3bn in international assistance inflows. Meanwhile, net currency sales to support the interbank market balance in March amounted to only USD 1.8bn. The current level of international reserves provides financing for 5.8 months of future imports, significantly exceeding the minimum acceptable threshold of 3 months according to economic theory.

On the Ukrainian Exchange, Raiffeisen Bank (BAVL) fell by 8% from 25 kopecks per share to 23 kopecks per share over the week. The current market capitalization of Raiffeisen Bank stands at USD 360mn with a forward-looking P/E of 3.5x.

On foreign exchanges, Ukrainian companies’ stocks experienced mixed price dynamics. Shares of Enwell Energy (formerly Regal) surged by 7.8% to GBp 14.40 (MCap of USD 58mn), while shares of MHP (MHPC) saw a decline of 3.0% to USD 3.20 (MCap of USD 343mn).

Ferrexpo (FXPO) bounced back by 1.9% to GBp 44.10 (MCap of USD 332mn). Meanwhile, the iron ore 62% Fe benchmark price remained in the downward trend decreasing to the level of USD 100 per tonne, compared to the level of USD 140 at the beginning of the year.

Global stock markets witnessed correction tendencies. The S&P500 index lost 1% as the Federal Reserve might once again postpone the start of a softer monetary policy cycle.

POLITICS AND ECONOMICS

- Ukraine Seeks USD 20bn Eurobond Restructuring as Total Public Debt Hovers at USD 144bn (84% of GDP)


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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