Daily Market Brief

Market Comment

Negative sentiment prevailed on Ukrainian equity markets Tuesday (Sep. 7). The UX exchange dipped 0.93% on a low total trading volume of UAH 55 mln. Led by steel producers (ALMK -1.63%, AZST -2.09%, ENMZ -1.35%) and banks (BAVL -1.53%, USCB -1.47%), most blue chips took on losses. Yasynivka Coke (YASK) was among the biggest laggards, dropping 2.40%. Profit taking was on the menu for other stocks including Centerenergo (CEEN -1.42%), Motor Sich (MSICH -0.93%) and Ukrnafta (UNAF -1.19%). Ukrtelecom (UTLM +0.14%) crept into positive territory along with Avdiivka Coke (AVDK +0.02%) and Zakhidenergo (ZAEN +0.02%).

Ukrainian stocks listed on the Warsaw Stock Exchange traded in the black with Astarta (AST PW) soaring 4.4% and Kernel (KER PW) rising 0.33%. Among London-listed shares only JKX Oil & Gas (JKX LN +0.42%) managed to eke out gains, while Cadogan (CAD LN -1.49%) and MHP (MHPC LI -1.08%) traded in the doldrums. Ferrexpo (FXPO) suffered the steepest drop, finishing 2.37% lower.

Ukrainian Eurobonds put in a weak performance yesterday. Naftogaz traded about a half a point lower, while Long end sovereign issues were down about a quarter of point on the day. In the corporate sector, trading was generally flat, with better bidding for FIUKR, AZOVTL and EXIMUK issues. DTEK closed slightly lower and Metinvest finished flat.


Politics: Ukraine’s Parliament gets back to work
Fixed Income: Kernel to issue Eurobonds

Daily Market Brief

Market Comment

Ukrainian equity markets traded marginally higher Monday (Sep. 6), in line with the trend set on European markets. The UX exchange climbed 0.22%, but action was subdued as a result of US markets being closed for Labor Day. Total trading volume on the UX came in at UAH 54 mln. Ukrnafta (UNAF) was among the most notable gainers, spiking 0.93%. Banks (BAVL +0.75%, USCB +0.70%) and coke producers (AVDK +0.74%, YASK +0.81%) also outperformed the market. Steel stocks closed mixed with Alchevsk Steel (ALMK) adding 0.06%, Azovstal (AZST) dropping 0.27% and Enakievo (ENMZ) losing 0.67%. Centerenergo (CEEN -0.79%) and Ukrtelecom (UTLM -0.19%) finished in the red.

Ukrainian stocks traded on international markets recorded mixed dynamics. Ferrexpo (FXPO LN -2.5%) had the weakest showing among London-listed shares. JKX Oil & Gas (JKX LN) dropped 0.83%, while Regal (RPT LN +0.73%), Cadogan (CAD LN +1.52%) and MHP (MHPC LI +0.73%) finished in positive territory. In Warsaw, Astarta (AST PW) surged 2.9% and Kernel (KER PW) slid 2.02%.

Trading on the Ukrainian Eurobond market was negligible Monday due to markets being closed in the US for Labor Day.



Macro: Inflation in Ukraine rises to 1.2% M-o-M
Coke: Avdiivka to increase coke output in September, Yasynivka to stay flat

Daily Market Brief

Market Comment

Ukrainian equity markets rose Friday (Sep. 3) as better than expected job data out of the US fueled investors’ hopes for economic recovery. The UX exchange traded in the red most of the day, but shot up near the end of the session to add 0.85%. Activity was relatively high with a total trading volume of more than UAH 91 mln. Azovstal (AZST) took center stage, surging 2.66%. Other steel names also added to gains: ALMK +1.12%, ENMZ +0.85%. Among coke producers, Yasynivka (YASK) bucked the general trend by losing 1.94%, while Avdiivka climbed 0.93%. GenCos (CEEN +1.40%, ZAEN +0.33%) shares rose along with the broad market. Motor Sich (MSICH +0.94%), Ukrnafta (UNAF +0.71%) and Ukrtelecom (UTLM +0.09%) also advanced, taking back a slice of the previous day’s losses.

Ukrainian shares listed on international markets rallied Friday. Astarta (AST PW) picked up an impressive 5.41% with Ferrexpo (FXPO LN +4.58%) and Regal (RPT LN +4.58%) following close behind. JKX Oil & Gas (JKX LN) edged up 2.48%.

Moderate action characterized the Ukrainian Eurobond market Friday. Nevertheless, corporates were well bid and closed in the neighborhood of 0.25 to 0.5 p.p. stronger. ALFAUA, METINV and MHPSA were among the best performers. Long end sovereigns closed up slightly, as did NAFTO, which ended the session with a gain of 0.5 p.p.



Macro: Ukraine to reduce income tax by 9 p.p. to 16%
Oil & Gas: Ukraine to incentivize domestic oil and gas production
GenCos: DTEK increases its stake in Kievenergo