Research

Welcome to our research portal. We provide comprehensive coverage on Ukrainian macroeconomics and politics as well as all major domestic industries such as metals and mining, agriculture, machine-building, fuel and energy, banking and others from both the equities and fixed income perspectives. 

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Market View

  • Fixed income

    The sovereign sold off a bit further, slightly underperforming EM HY. Some warrants selling in the market (-0.5pt) led the weakness. NBU discussions continued to dominate, but it also felt that the market got a bit longer, potentially due to the recent new issue. Quasi-sovereigns and corporates were quiet, though DTEK continued to outperform with some trading at 63.

  • Equities

    The local UX index rose by 0.3% yesterday on support in BAVL (+1.4% to UAH 0.36). Abroad, FXPO traded between GBp 174-183 and closed 3.4% higher on small volume. Foreign-listed agros were mixed: AST added 5.5% while KER lost 0.1 %. As a result, the broader KP-Dragon index rose by 1.2% on the day. Among other foreign-listed names, investors were buying JKX (+9.6%). Accounting for mixed global markets, we expect Ukrainian equities to trade sideways today.

Daily show all results

04.08.2020
| Daily

MPC majority favors flat rate, three members support 50bp cut

The minutes from the latest meeting of the NBU Monetary Policy Committee (MPC), an advisory body developing policy recommendations, showed that 7 out of the committee’s 10 members argued for keeping the key rate unchanged and the remaining three...
04.08.2020
| Daily

C/A surplus up to 2.8% of GDP in June, private sector capital outflows slow further

Ukraine’s current account (C/A) surplus narrowed to $0.8bn in June from $1.5bn in May, bringing the 1H20 surplus to $6.7bn (vs. $1.9bn gap in 1H19). On a 12-month trailing basis, the C/A surplus increased to 2.8% of GDP in June from 1.8% in May,...
04.08.2020
| Daily

Merchandise trade deficit widens at slower pace in July

The State Customs Service reported a provisional merchandise trade gap of $0.8bn in July, up from $0.6bn in June as exports fell by 13% y-o-y to $3.7bn and imports dropped by 15% to $4.5bn.

Reports show all results

03.08.2020
| Reports

Ukraine Strategy Weekly: Strong Moves in Commodities; Buy Ideas Prevail

Domestic stocks closed in the green zone w-o-w, with the KP-Dragon index up 1.0% and local UX index +0.2% (in USD; -0.6% in UAH). The drivers included Ovostar (+7.4%), Astarta (+3.6%), Raiffeisen Bank Aval (+6.1%), and Centrenergo (+1.5%). Other...
03.08.2020
| Reports

Ukrainian Bond Weekly

Developments around the NBU will remain in focus this week following the resignation of Board member Sergii Kholod.
27.07.2020
| Reports

Ukraine Strategy Weekly: Upcoming 2Q20 Reporting; Mixed Sentiment

While equities were down marginally last week (see below), Ukrainian stocks were still up 1.9% based on the KP-Dragon index and +0.1% based on the UX index in UAH (down 2.0% in USD on a resumed weakness in hryvnia). Among foreign-listed names,...
Ticker Currency Bid Ask Close 1D, %
JKX LN GBp 21.2 22.2 21.7 11.6
UKR LN GBp 5.0 7.0 6.0 9.6
ALAGR FP EUR 0.0742 0.0774 0.0772 4.0
UNAF UAH _ _ _ 0.0
OVO PW PLN 61.5 64.0 64.0 0.0
Ticker Currency Bid Ask Close 1D, %
ENW LN GBp 13.0 15.0 14.0 -3.5
MHPC LI USD 6.2 6.3 6.2 -1.3
AST PW PLN 16.95 17.1 17.0 -1.2
FXPO LN GBp 181.5 181.6 181.5 -1.1
IMC PW PLN 11.3 11.4 11.3 -0.9
Ticker Currency Close 1D, % Volume
FXPO LN GBp 181.5 -1.1 281551.46
JKX LN GBp 21.7 11.6 41267.3
ENW LN GBp 14.0 -3.5 1395.98
KER PW PLN 39.4 0.0 1194.82
MHPC LI USD 6.2 -1.3 70.71
Name Close 1D, % 1M, % YTD, %
SPX 3298.6 0.12 5.39 2.10
UX _ 0.00 0.00 0.00
PFTS 500.21 0.00 0.15 -1.85
DAX 12600.87 -0.36 0.58 -4.89
FTSE100 6036.0 0.05 -1.97 -19.97
MICEX 2940.46 0.36 4.95 -3.46
KP-Dragon 1,492.11 1.19 3.77 -12.12
Name Close 1D, % 1M, % YTD, %
CDX.EM 95.88481 0.00 -0.52 -0.78
5-year UST 100.3046875 0.00 0.00 0.00
10-year UST 101.140625 0.00 0.00 0.00
6M USD LIBOR 0.3035 -0.86 -17.13 -84.13
12M USD LIBOR 0.44675 -0.42 -11.64 -77.62
Ukraine 32 99.0 0.51 -2.94 -7.37
Ukraine 20 99.75 -0.37 -0.62 -3.04
Ukraine 33 98.0 0.90 0.00 0.00
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 27.82 -0.31 -2.50 -14.87
UAH:EUR (NBU) 32.72 -0.63 -6.11 -19.26
USD:GBP 1.31 0.04 4.69 -1.46
USD:EUR 1.18 0.20 4.37 5.09
PLN:USD 3.72 0.23 6.00 1.78
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 308.5 -2.83 -9.93 -20.44
WTI Crude Oil ($/bbl) 41.7 1.68 2.58 -31.71
Sugar ($/t) 12.77 0.47 4.41 -4.77
Wheat ($/t) 508.5 -2.40 3.78 -8.99
DCPI 18.53 2.33 5.79 -0.38
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 16.95 17.10 17.00 -1.16
AVGR LI USD 0.02 0.00 0.06 0.00
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 181.50 181.60 181.50 -1.14
IMC PW PLN 11.30 11.40 11.30 -0.88
KER PW PLN 39.25 40.20 39.40 0.00
MHPC LI USD 6.20 6.30 6.20 -1.29
OVO PW PLN 61.50 64.00 64.00 0.00
UNAF UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %
UTLM UAH 0.00 0.00 0.00 0.00
ENW LN GBp 13.00 15.00 14.00 -3.45
MSICH UAH 0.00 0.00 0.00 0.00
ALAGR FP EUR 0.07 0.08 0.08 4.04
AGT PW PLN 3.70 3.77 3.77 -0.53
KSG PW PLN 1.52 1.58 1.58 0.00
MLK PW PLN 0.00 0.80 0.80 0.00
UKR LN GBp 5.00 7.00 6.00 9.59
DOEN UAH 0.00 0.00 0.00 0.00
KVBZ UAH 0.00 0.00 0.00 0.00
TATM UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %

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