EAVEX Weekly

July 30, 2018

The UX index added 1.9% to close at 1636 points. However, the trading activity was low amid the continued closure of the largest platform, which led to a wider bid/ask spread for most blue chip stocks. The spreads of around 5% somewhat distort the UX index’s performance since the average spread midpoint is larger than the overall index gain. Raiffeisen Bank Aval (BAVL) advanced by 4.7% to 30.00 kopecks ahead of the bank’s 2Q18 earnings report. We forecast that the bank will post 1.80 kopecks of net profit per share for April-June. UkrNafta (UNAF) corrected from its recent upward move, declining by 3.5% to UAH 110 per share. CentrEnergo (CEEN) barely reacted to the company’s disappointing 2Q18 earnings of UAH 0.73 per share. The stock was little-changed at UAH 15.00. DonbasEnergo (DOEN) remained on a growth path climbing 3.4% to UAH 24.00. Earlier this month there was news that the company’s majority stake of 60.8% was acquired by Maxim Yefimov, an MP from the Poroshenko Bloc. The price