The UX index rose by 3.2% to 1,658 points last week while there was
almost no turnover in major locally-listed stocks. In particular, CentrEnego
(CEEN) added by 4.0% to UAH 5.47 per share with no trades reported for the five
sessions in a row. Raiffeisen Bank (BAVL) was unchanged at 30 kopecks and
TurboAtom (TATM) surged by 10% to UAH 4.00.
In London trading, iron ore miner Ferrexpo (FXPO) slipped by GBp 91
(MCap USD 703mn) and MHP (MHPC) was flat at USD 3.60 (MCap USD 385mn).
Warsaw-listed Ukrainian names were mixed. Kernel (KER) rebounded by 6.0%
to PLN 13.55 after steep losses over previous weeks. Astarta (AST) dropped by
6.4% to PLN 31.10.
On the cash market, the dollar rose by 1.1% to 37.55 UAH/USD. The euro
gained 1.0% to 41.95 UAH/EUR. Over the week, the National Bank sold USD 350mn
from reserves in the interbank market, compared to the USD 590mn sold the
previous week. Since the beginning of the year, the NBU has already sold USD
14.3bn.
There is some uncertainty regarding the prospects of effective
agricultural exports after Russia’s exit from the grain agreement. However,
Ukraine can explore alternative routes to export up to 5mn tonnes per month: up
to 3mn tonnes through the Danube ports, with the railway having already
exported 1.2mn tonnes in certain months, and the remaining up to 0.8mn tonnes
via road transport. These capacities should be sufficient, even considering
monthly peak fluctuations.
While global grain supplies seem to be stable for now, global markets
saw the price of grain rise by 8% within a day of russia pulling out of the
grain deal. Despite the lack of a pulse, Turkey - one of the main brokers of
the grain deal along with the United Nations - is still hopeful it can be resuscitated.
POLITICS AND ECONOMICS
-
National Bank Cuts Key Policy Rate from 25% to 22% as Inflation Slows to 12.8%
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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