EAVEX Weekly

December 28, 2020

Ukraine’s equity market is heading into the New Year on a positive note, with the UX index advancing by 3.5% last week to close at 1587 points on Thursday (Dec 24). Local stocks got a boost from news that the IMF monitoring mission’s planned meetings with the government, both at the highest level and at the expert level, went well. In major macroeconomic statistics, there was a statement from UkrStat that the country’s GDP shrank by 3.5% YoY in 3Q20, but rebounding by 8.5% compared to 2Q, which was hit hard by the strict COVID lockdown of the spring. Actual economic indicators are mostly coming in better than projected. In individual stocks, UkrNafta (UNAF) surged 8.6% to UAH 190 per share after the company reported that it repaid its accrued tax debt of UAH 28.9bn. The company got the money for the tax repayment from its parent NaftoGaz as advance payment for future natural gas deliveries as well as payment for previously supplied gas.