Kyiv-listed stocks declined again on Thursday (Jan 28) on news that
the NBU lowered its forecast for Ukraine’s GDP growth for 2016 from 2.4% to
1.1%, while leaving the inflation forecast at 12%. The central bank said that
low global commodity prices were among key factors for a slower economic
recovery. The UX index shed 1.0% to end at 632 points. UkrNafta (UNAF) was among
the hardest-hit blue chips, losing 5.1% to UAH 153 per share after information
that the State Enforcement Service has arrested 600 accounts of the company to
collect a minor debt of just UAH 4mn in favor of Kyiv-based firm
InterBusinessConsult. There were no details or official comments on the issue.
In the steel sector, Azovstal (AZST) fell 5.3% to 34.20 kopecks. On the upside,
Raiffeisen Aval (BAVL) regained 2.2% to get back above the 7-kopeck level. On
the currency front, the hryvnia was once again weak, giving up 1.2% to bid/ask
of 25.15/25.25 UAH/USD. In London, there was a major news regarding JKX
Oil&Gas (JKX), where shareholders led by industrialist Igor Kolomoyskiy
succeededed in replacing the company’s management. Nevertheless, the stock did
not react much, edging down 1.9% to GBp 25.75. Ferrexpo (FXPO) ended the day
2.9% lower. Warsaw-listed Astarta (AST) jumped by 9.7% to PLN 31.95 on
expectations that the company will post strong financials for FY15, and Kernel
(KER) climbed 2.8% to PLN 44.40.
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