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Analytics and Market news

Monday, 6 January 2025

Ukraine Weekly Market Monitor

Eavex Capital

Markets Start 2025 on a High Note as U.S. Stocks Extend Gains

The first week of 2025 kicked off with positive momentum across most global markets. U.S. stock indices demonstrated their post-holiday rally, reflecting upbeat investor sentiment. The S&P 500 climbed 1.0%, driven by strong activity in the technology sector. 

Speculative buying was particularly pronounced on Friday, buoyed by political developments. Traders welcomed the re-election of Republican Mike Johnson as Speaker of the U.S. House of Representatives. Economically, Johnson’s reappointment is expected to expedite the passage of critical legislation, including a government funding bill and a debt ceiling measure. The U.S. national debt has surpassed USD 36 trillion for the first time. 

Among Ukrainian agribusiness stocks, Milkiland (MLK) led gains, surging nearly 15% to PLN 1.32, boosting its market capitalization to USD 10mn.

Shares of MHP (MHPC) rose 2.4% to USD 5.10, valuing the company at USD 546mn. Meanwhile, Ferrexpo (FXPO) saw its market cap decline by 7.1% to USD 779mn amid a 4.3% drop in iron ore prices, which fell to USD 99 per tonne. Over the past year, iron ore prices have plummeted 30%. 

On currency markets, the U.S. dollar continued to strengthen, with the Dollar Index rising 0.4% against a basket of major currencies. The euro approached parity with the greenback, slipping to 1.03 EUR/USD. 

The National Bank of Ukraine intervened to support the hryvnia, selling USD 744mn from reserves over the week. Total interventions for 2024 amounted to approximately USD 35bn. The interbank exchange rate currently stands at UAH 42.18 per dollar, while the cash market rate is slightly higher at 42.55 UAH/USD. 

POLITICS AND ECONOMICS

- Ukraine Secures USD 41bn in Budget Support from International Partners in 2024

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, d.churin@eavex.com.ua



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