The Ukrainian Exchange Index Committee was forced to recalculate the
index last week in order to correct a technical error caused by a random deal
with Kernel (KER) shares at a price of UAH 544 (PLN 64), which was
approximately three times higher than the market price. As a result, the UX
index was corrected by 28% to 1538 points.
Indicative quotes for CentrEnergo (CEEN) fell by 21% to UAH 3.44 after
the company reported a net loss of UAH 7.2bn in 2022. On the upside, the shares
of Raiffeisen Bank (BAVL) performed better than the market, rising by 3.3% to
31 kopecks.
On the Warsaw Stock Exchange, there was a notable increase in demand for
Astarta (AST) shares, which rose in price by 7.9% to PLN 26.00. Since the
beginning of the year, Astarta shares have already gained 27%.
In London trading Ukrainian iron ore miner Ferrexpo (FXPO) shed by 0.6%
to GBp 117 despite positive news that that company manages to improve
production results for 1Q23 after the poor volumes delivered in the 4Q22 amid
power supply disruptions in Ukraine.
The cash market exchange rate remained at 37.60 UAH/USD. The information
that country’s foreign exchange reserves had grown to USD 31.9bn had a
positive impact on the hryvnia. The current level of FX reserves is the highest
since 2011. In March, reserves increased by 10% due to inflows from
international partners and smaller net currency sales by the central bank and
moderate foreign debt repayments. The National Bank’s net currency sales
decreased last month by USD 783mn compared to February, to USD 1.67bn. The
reduction in NBU intervention volumes on the interbank market allows us to
assume that the regulator will continue to maintain the current fixed exchange
rate of 36.57 UAH/USD in the coming months. However, we expect that in about
six months, the National Bank will need to devalue the hryvnia by about 7% to
39.12 UAH/USD in order to artificially increase budget revenues in hryvnia
terms from the international aid and custom duties.
POLITICS AND ECONOMICS
-
Concerns Rise Over Air Defenses as Ukraine Hangs on in Bakhmut
STOCKS IN THE NEWS
- CentrEnergo Reports UAH 7.2bn Net Loss
for 2022, Translating to a Loss of UAH 19.34 per share
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
full report
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Please contact us by email:
Dmitry Churin, Head of Research,
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