EAVEX Weekly

August 25, 2020

Local Ukrainian stocks were higher last week, with the UX index gaining 1.0% to close at 1291 points on the back of a technical rebound in the beaten-down CentrEnergo and UkrNafta names. CentrEnergo (CEEN) edged up by 2.2% to UAH 4.60, barely putting a dent in the issue’s 50% plunge seen since the start of the year. Information that the company sold its fourth-quarter electricity output in advance at a cut-rate price has not affected the stock yet. On the positive side, the forward sale of electricity will give CentrEnergo much-needed funds for coal purchases. UkrNafta (UNAF) rose 0.8% to UAH 123 per share after the company somewhat improved its oil auction procedures. The latest auction on Aug 18 was conducted at USD 37 per barrel, which was 8.3% higher than the starting price. UkrNafta sold 1.71mn bbl last week. In other blue-chip names, Raiffeisen Bank Aval (BAVL) picked up 2.4% to 42.00 kopecks and TurboAtom (TATM) edged up 1.2% to UAH 8.30 per share.