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 Ukrainian sovereign curve was quite strong, gaining around 1pt (typically 20bp tighter in spread), and GDP warrants performed well again. Some of the best bids got hit late in the day, but the overall tone was definitely positive. Eximuk and Oschad saw improved bids on broker screens, +0.5pt in a few cases. Corporates were generally well supported, +0.25-0.5pt, DTEKUA traded a bit more actively, with last prints in the mid-66 area.

  • Equities

    The local UX index inched 0.6% higher yesterday on support in UNAF (+1.8%) and CEEN (+0.8%). Abroad, FXPO was the best performer among liquid names, adding 6.2% to GBp 225.4. Foreign-listed agro names traded weaker: KER and IMC lost 2.9% and 1.3%, respectively, while AST added 0.4%. As a result, the broader KP-Dragon index rose by 0.5% on the day. Among second tier stocks, investors were buying ENW (+9%) and selling JKX (-3%). As volatility prevails in global markets, we expect Ukrainian equities to trade sideways today.

Daily show all results

02.12.2020
| Daily

Gov’t end-November disposable leftovers at est. $1.6bn

The government’s UAH balances in the Treasury’s unified account (central and local budgets combined) rose to UAH 20bn as of end-November ($0.7bn equivalent) from UAH 15bn a month earlier.
02.12.2020
| Daily

Fiscal deficit at est. 4.5% of GDP in November vs. 7.5% annual target

The Finance Ministry reported a provisional central budget cash deficit of UAH 117bn in 11M20, up from UAH 112bn in 10M20 and implying a cash gap of UAH 5.0bn in November (vs. a UAH 30bn deficit in October). Based on provisional Treasury data,...
02.12.2020
| Daily

MinFin sells UAH 2.8bn of hryvnia bonds, foreign investor inflows resume

The Finance Ministry sold UAH 2.8bn of hryvnia-denominated debt at yesterday’s auction (down from UAH 11.4bn last week), including UAH 2.0bn of 3-month paper at 9.89% p.a. (-11bp w-o-w), UAH 0.6bn of 1-year debt at 10.93% (+18bp w-o-w) and UAH...

Reports show all results

30.11.2020
| Reports

Ukraine Strategy Weekly: Bullish Trend Continues, Watching Local Political Activity

With another week of solid gains (+4.3% w-o-w on the broad KP-Dragon index), Ukrainian equities finished November +22% m-o-m.
30.11.2020
| Reports

Ukrainian Bond Weekly

Ukrainian authorities have made further progress toward resuming IMF financing by agreeing 2021 budget parameters with the Fund.
30.11.2020
| Reports

Kernel Holding: Strong 1Q21FY Results and Revised 2021FYE Outlook Warrant a ‘Buy’

Kernel reported impressive 1Q21FY (July-September 2020) financials on Friday, with sales rising 11% y-o-y to $940m on higher sunoil prices and EBITDA hitting a record $290m, up 2.7x y‑o-y on remarkable results in the trading and farming segments.
Ticker Currency Bid Ask Close 1D, %
JKX LN GBp 36.5 38.0 37.0 8.8
KSG PW PLN 2.3 2.36 2.36 8.3
FXPO LN GBp 233.6 233.8 233.6 3.6
KER PW PLN 47.0 47.65 47.25 0.5
ALAGR FP EUR 0.0868 0.089 0.089 0.2
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 23.5 23.6 23.5 -3.3
ENW LN GBp 23.4 23.7 23.55 -3.1
AGT PW PLN 4.46 4.55 4.55 -1.9
OVO PW PLN 85.0 85.0 85.0 -1.3
MHPC LI USD 5.98 6.06 6.06 -0.7
Ticker Currency Close 1D, % Volume
FXPO LN GBp 233.6 3.6 488065.13
JKX LN GBp 37.0 8.8 55090.27
ENW LN GBp 23.55 -3.1 2147.91
KER PW PLN 47.25 0.5 370.57
AST PW PLN 23.5 -3.3 99.37
Name Close 1D, % 1M, % YTD, %
SPX 3668.42 0.16 10.82 13.55
UX _ 0.00 0.00 0.00
PFTS 507.53 0.00 1.41 -0.42
DAX 13313.24 -0.52 12.94 0.48
FTSE100 6463.39 1.23 14.30 -14.31
MICEX 3189.61 1.33 16.51 4.72
KP-Dragon 1,831.40 0.47 26.79 7.86
Name Close 1D, % 1M, % YTD, %
CDX.EM 96.99992 0.00 2.84 0.38
5-year UST 99.7890625 0.00 0.00 0.00
10-year UST 99.34375 0.00 0.00 0.00
6M USD LIBOR 0.25875 1.47 6.86 -86.47
12M USD LIBOR 0.33313 0.87 0.91 -83.31
Ukraine 21 103.5 -0.36 0.12 -2.47
Ukraine 33 108.0 0.00 13.39 0.00
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 28.44 0.43 0.51 -16.71
UAH:EUR (NBU) 34.32 -0.29 -2.98 -23.00
USD:GBP 1.34 0.12 2.51 0.79
USD:EUR 1.21 0.08 3.36 7.78
PLN:USD 3.7 0.21 4.63 2.48
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 418.25 0.96 5.35 7.99
WTI Crude Oil ($/bbl) 45.28 1.64 23.01 -25.84
Sugar ($/t) 14.65 0.62 -2.47 8.79
Wheat ($/t) 578.0 2.21 -4.86 3.45
DCPI 26.30 0.14 14.96 41.39
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 23.50 23.60 23.50 -3.29
AVGR LI USD 0.05 0.09 0.05 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 233.60 233.80 233.60 3.64
IMC PW PLN 15.15 15.20 15.20 -0.65
KER PW PLN 47.00 47.65 47.25 0.53
MHPC LI USD 5.98 6.06 6.06 -0.66
OVO PW PLN 85.00 85.00 85.00 -1.32
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 23.40 23.70 23.55 -3.09
MSICH UAH 0.00 0.00 0.00 0.00
ALAGR FP EUR 0.09 0.09 0.09 0.22
AGT PW PLN 4.46 4.55 4.55 -1.94
KSG PW PLN 2.30 2.36 2.36 8.26
MLK PW PLN 0.70 0.71 0.70 0.00
UKR LN GBp 4.50 6.50 5.50 0.00
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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