EAVEX Weekly

August 13, 2018

Kyiv-listed stocks corrected last week after a firm rise over the preceding week, when several local blue chip companies reported better-than-expected earnings for 2Q18. In particular, Raiffeisen Bank Aval (BAVL) posted earnings per share of 2.22 kopecks for the second quarter compared to guidance of 1.80 kopecks. Also, national oil flagship company UkrNafta (UNAF) delivered a solid 55% YoY increase in its net profit to UAH 2.06bn in 1H18, implying UAH 38.01 earnings per share for the period. UkrNafta’s shares initially advanced to UAH 117 after the report but then slipped back to UAH 113 after data that the company’s oil extraction fell by 3.7% YoY in 1H18 and natural gas extraction dropped by an unimpressive 15% YoY for the same period. The UX index lost 1.2% last week to close at 1626 points. Electricity generator CentrEnergo (CEEN) shed by 1.1% to UAh 14.80 and its close peer DonbassEnergo (DOEN) sank 5.7% to UAH 24.50.