EAVEX Weekly
Among Ukrainian equities last week, the most notable movement was in London-listed natural gas producers JKX Oil&Gas (JKX) and Enwell Energy (formerly Regal Petroleum). Both stocks have been rallying along with the spike in natural gas prices in Europe, which briefly touched an incredible peak of USD 980 per 1,000 cubic meters on the futures market before settling back to a still extremely high level near USD 800. Natural gas prices have more than doubled off their April lows, driven by a number of factors including extremely tight gas storage levels in Europe. The JKX stock gained 10.5% to GBp 40 on the nose and the ENW stock surged by 14.3% last week to GBp 36 per share. In other commodity related names, Ferrexpo (FXPO) slumped by 16% to GBp 321 as the iron ore benchmark price dropped further to USD 120 per tonne amid fears of a possible slowdown in demand in China.
