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Analytics and Market news

Monday, 29 April 2024

Ukraine Weekly Market Monitor

Eavex Capital

In the currency market, the hryvnia managed to recover some recent losses, strengthening from 39.95 to 39.69 UAH/USD in the interbank market. In the cash market, the exchange rate remains in the range of 39.40 to 40.00 UAH/USD (bid/ask).

Among Ukrainian issuers, Ferrexpo (FXPO) saw a significant increase of 8.4% to GBp 51.5 per share (MCap of USD 388mn). Shares of Ukrainian gas extraction company Enwell Energy (formerly known as Regal) rose by 10% on the London Stock Exchange. The company’s market capitalization is currently approximately USD 70mn. Meanwhile, quotes for MHP (MHPC) remain almost unchanged at USD 3.3 per share (MCap of USD 353mn).

Warsaw-listed Kernel (KER) shed by 2.3% to PLN 10.10 (MCap of USD 734mn) and Astarta (AST) edged down by 0.4% to PLN 27.70 (MCap of USD 167mn).

American stock market indices were on the rise due to purchases by active traders following a slight dip from recent highs. Analyzing the S&P 500 index chart, a sideways trend with a range from 4950 to 5200 points is noticeable. Year-to-date, the S&P 500 has gained +7%, and over the last six months, it has risen by +22%. Considering that expectations for interest rate cuts by the Federal Reserve have shifted from June to September, a correction may occur in the US stock market as investors previously had more optimistic forecasts for the pace of rate cuts. Confirmation of these trends can be seen in the increase in the yield of 10-year US bonds by 30 basis points in the last month to 4.6%.

POLITICS AND ECONOMICS

- Poland’s Sikorski Offers Lukewarm Response to Kyiv’s Request to Deport Draft Evaders

- The National Bank Cuts the Key Rate from 14.5% to 13.5%. The Lower Yield for the Government Bonds Are Anticipated

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

                           

                           

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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