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Analytics and Market news

Monday, 20 May 2024

Ukraine Weekly Market Monitor

Eavex Capital

Quotes for CentrEnergo (CEEN) have yet to respond to the news that the government is allocating UAH 1.5bn (USD 38mn) for the restoration of the Tripolskaya and Zmievskaya thermal power plants, which were heavily damaged by russian missile strikes on Ukraines critical infrastructure. CentrEnergos indicative stock price remains at UAH 2.68, with a market capitalization of just USD 25mn. The companys market capitalization has fallen by 40% since the beginning of the year. The technical director of CentrEnergo stated that approximately 80% of the power plant equipment was destroyed. Debris clearing operations are ongoing and may continue until mid-summer, indicating a prolonged timeline for the plants restoration.

Among Ukrainian agro stocks, Kernel (KER) saw a notable 15% increase to PLN 11.7, with a market capitalization of USD 874mn. Currently, there is ongoing litigation regarding the legality of the companys decision to issue additional shares at a price significantly below the market value, leading to substantial dilution of minority shareholders stakes. Furthermore, the delisting process of Kernels shares from the Warsaw Stock Exchange is on hold due to the stance of Polands financial regulator on this contentious issue.

MHP (MHPC) shares continue to trade within a narrow range at USD 3.30 (MCap of USD 360mn). Ferrexpo (FXPO) shares dropped 3.6% over the week to GBp 47.00 (MCap of USD 350mn), despite global iron ore prices rising 8.4% over the past month to USD 117 per tonne.

The US stock market is once again reaching historic highs, with the S&P 500 index hitting new records. Investors have reacted positively to the latest inflation data, which shows signs of slowing, bringing closer the anticipated Federal Reserve decision to lower the key interest rate.

POLITICS AND ECONOMICS

- Zelenskiys 5-Year Presidential Term Expires Today

- Ukrainian Banks Increase Net Profit by 18% YoY to UAH 40bn (USD 1.0bn) in 1Q2024

full report


The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Banks 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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