Stocks traded on the Ukrainian Exchange had a mixed performance last week. The main focus of market players was on corporate news, with UkrNafta (UNAF) in the spotlight amid the government’s move to forgive the company’s huge tax debt. The UNAF stock jumped by 12% to UAH 179 after the special bill which aims to clean the company from the tax debt by compensating it for past natural gas confiscations was signed by President Zelensky. In the utility sector, CentrEnergo (CEEN) added 5.6% to UAH 6.60. On the downside, Raiffeisen Bank Aval (BAVL) slipped by 2.4% to 40 kopecks after news that the country’s banking sector as a whole saw a 23% drop in net profit in 10M20. The UX index gained 3.2% for the week to close at 1515 points on Friday.
In political developments, there was a surprising statement from Turkish Foreign Minister Mevlut Cavusoglu that Turkey is willing to support the Russia-annexed Crimean peninsula’s return to Ukraine. The statement appears to be connected with the current tensions between Moscow and Ankara over the armed conflict in the South Caucuses region, in which the Kremlin backs Armenia and the Erdogan regime is supporting Azerbaijan.
London-listed Ferrexpo (FXPO) surged by 26% to GBp 262 per share, the stock’s highest level since July 2019, before the issue began to get dragged down by the legal problems facing majority owner Constantine Zhevago. Ferrexpo got a boost amid a rally in iron ore benchmark prices which reached USD 135 per tonne. Rising energy prices propped up quotes for JKX Oil&Gas (JKX) and Enwell Energy (ENW) (former Regal Petroleum). Both stocks advanced by 15% to GBp 37.60 and GBp 25.40 respectively. Meanwhile, poultry producer MHP (MHPC) declined by 2.3% to USD 6.06.
On the Warsaw Stock Exchange, Kernel (KER) failed to hold its recently achieved gains, with the stock correcting by a significant 7.1% to PLN 46.90. Astarta (AST) was unchanged at PLN 24.70 and sporadically-traded Agroton (AGT) dropped by 10% to PLN 4.50.
The hryvnia strengthened by 1.0% to 28.26 UAH/USD, with the National Bank reporting no interventions on the currency market over the week.
POLITICS AND ECONOMICS
- Ukraine’s GDP Warrants Reach All-Time High, Trade above Par Value
STOCKS IN THE NEWS
- President Signs Bill Providing UAH 30bn Tax Debt Relief for UkrNafta
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