Eavex Ukraine Market Monitor: Feb 6
Equity
Ukrainian stocks listed in Kyiv had a nervous trading week amid the first major escalation of the Donbass military situation in more than a year. Heavy artillery and rockets hit residential areas in the city of Avdyivka, which is on the Ukrainian side of the line and where a strategically important plant for the country’s steel sector is located. The two sides blamed each other for the spike in hostilities. A separate new problem in regard to the conflict zone also emerged when militant Ukrainian groups, including MPs, conducted an unauthorized blockade of a railway line used for transporting cargo to and from the occupied territories. Ukraine’s government still has to rely on coal extracted on the territories, as there is no short-term technical means to switch the entire power generation sector to run on imported coal.
Although the negative news flow hit blue chip quotes in the first half of the week, they then recovered after a lull in fighting in the Donbass was announced. The UX index edged up 0.6% for the week to close at 865 points. Motor Sich (MSICH) approached a strong resistance level of UAH 2000, gaining 1.6% and closing at UAH 1995. A surprise move occurred in low-liquidity DonbasEnergo (DOEN), which rose 5.3% to UAH 12.90. UkrNafta (UNAF) picked up 2.7% to UAH 115 per share as the company’s management promised to stabilize oil and gas output after years of declines.
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Ukrnafta PAT is a Ukraine-based company, which is engaged in the energy sector. Its main activities are to conduct exploration and to extract and sell oil and gas, to operate gas-processing plants and petrol filling stations, and to perform related oilfield services. The Company's activities are divided into two segments: Retail Distribution of Petroleum Products include retail distribution of petroleum products via its petrol filling stations, as well as Oil, Gas and Other Products include the exploration, development, production, processing and distribution of crude oil, condensate, natural gas and petroleum products. The Company has its filling stations in approximately eight provinces in Ukraine such as Kiev, Cherkasy, Kharkiv, Mykolaiv, and Zhytomyr, among others.
Eavex Capital is one of Ukraine's leading investment houses, offering select clients a full range of brokerage, investment banking, research, custody and advisory services.
The company is a partnership between management and minority shareholder, Swiss-based Accuro Group.
Eavex Capital is a co-founder and member of the Board of the Ukrainian Exchange (UX), a member of the Board of the PFTS Exchange, a member of the Strategic Group for Development of the Capital Markets under the Ukrainian State Securities Commission, a member of the Association of Ukrainian Secruties Traders (AUST) and a member of the Professional Association of Registrars and Depositaries (PARD).
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