EAVEX Weekly

July 08, 2019
 

Ukraine’s PFTS equity index finally reversed its three-week downward trend, recovering part of the losses amid a rally on global stock markets and adding 1.0% for the week to close at 547 points. However, Kyiv-listed blue chips were mixed, as the long-awaited launch of a new competitive electricity market in Ukraine raises concerns regarding the administrative price cap for electricity sold by thermal power generators. As a result, CentrEnego (CEEN) shares fell 4.3% to UAH 11.00 and DonbasEnergo (DOEN) was flat at UAH 26.35. On the upside, UkrNafta (UNAF) was the growth leader for the week, rising 9.4% to UAH 175 after the company reported a successful start of new oil well drilling in Lviv province. UkrNafta’s financial plan for 2019 envisages drilling of three new wells for a total cost of UAH 2.9bn (USD 110mn). Raiffeisen Bank Aval (BAVL) added 1.5% over the week to close at 30.45 kopecks.