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 closed marginally lower (-0.25pt at long end) following early global market weakness and EM supply. MHP got some attention among corporates, closing off 0.25-0.375pt amid some anxiety about a bird flu outbreak in the Vinnytsia region.

  • Equities

    A selling mood prevailed in both local and international stocks yesterday. The local UX index dipped by 0.5% on a 2.6% drop in BAVL as a bid in the stock was hit at closing. The broader KP-Dragon index inched down by 0.3%, with a tiny 0.1% gain in FXPO offset by corrections in AST (-2.4%), KER (-1.5%) and MHP (-0.2%). As global markets are recovering today following a China-driven selloff, we may see cautious buying interest in Ukrainian equities as well. 

Daily show all results

22.01.2020
| Daily

Retail trade accelerates to 10.5% y-o-y in 2019 from 6.2% in 2018

Growth in retail trade turnover in Ukraine stood at 12.5% y-o-y in December, slowing marginally from 12.8% in November and bringing 2019 growth to 10.5% y-o-y — up from 6.2% in 2018 and 6.5% in 2017. In the meantime, the Consumer Confidence Index...
22.01.2020
| Daily

MHP — Downplays bird flu risk

LSE-listed MHP, Ukraine’s largest poultry producer, said a recently registered outbreak of avian flu in the Vinnytsia region posed no threat to MHP’s production site in the same province, with the case having been reported at a small private...
22.01.2020
| Daily

MinFin sells UAH 5.4bn of UAH bonds, yield curve flattens at 10%

The Finance Ministry sold UAH 5.4bn of hryvnia-denominated bonds yesterday, almost matching last week’s volume of UAH 5.5bn but slightly below the auction’s UAH 6.0bn volume cap. MinFin sold UAH 3.4bn of 3-year bonds (vs. UAH 4.0bn cap), UAH 1.5bn...

Reports show all results

20.01.2020
| Reports

Ukraine Strategy Weekly: Positive Mood Continues; 4Q19 Operating Data Coming

The year’ first full and genuinely active trading week was positive for both our indices, with the broader KP-Dragon index rising 1.1% w-o-w and the local UX index adding 0.8% w-o-w (+0.6% in UAH terms).
20.01.2020
| Reports

Ukrainian Bond Weekly

PM Oleksiy Honcharuk’s resignation expectedly did not happen, with the fallout from last week’s leaked audio scandal likely to be limited to secondary ministerial reshuffles.
13.01.2020
| Reports

Ukraine Strategy Weekly: Equities Lag Most Peers in 2019, Local Activity Returns

In 2018, the local PFTS index was the best performing index globally, while the more representative KP-Dragon index dropped by 10% (yet outperforming the MSCI FM, which shed 19%). In 2019, the situation was very different.
Ticker Currency Bid Ask Close 1D, %
IMC PW PLN 13.3 13.6 13.6 6.1
AGT PW PLN 3.5 3.56 3.56 1.7
JKX LN GBp 30.4 31.6 31.0 1.3
KER PW PLN 47.5 47.95 47.55 0.3
UNAF UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
FXPO LN GBp 155.9 156.5 156.25 -0.1
UNAF UAH _ _ _ 0.0
OVO PW PLN 74.5 77.0 77.0 0.0
MSICH UAH _ _ _ 0.0
MHPC LI USD 8.82 9.08 8.82 0.0
Ticker Currency Close 1D, % Volume
FXPO LN GBp 156.25 -0.1 13644.27
RPT LN GBp 22.4 0.0 1704.58
JKX LN GBp 31.0 1.3 592.39
MHPC LI USD 8.82 0.0 30.67
AST PW PLN 18.2 0.0 16.36
Name Close 1D, % 1M, % YTD, %
SPX 3320.79 -0.27 3.09 2.79
UX _ 0.00 0.00 0.00
PFTS 505.54 0.00 -0.78 -0.81
DAX 13591.92 0.27 2.05 2.59
FTSE100 7618.13 0.10 0.47 1.00
MICEX 3206.29 -0.09 6.31 5.27
KP-Dragon 1,694.74 -0.35 3.67 -0.19
Name Close 1D, % 1M, % YTD, %
CDX.EM 96.20168 0.00 -0.04 -0.45
5-year UST 100.7890625 0.00 0.00 0.00
10-year UST 99.75 0.00 0.00 0.00
6M USD LIBOR 1.8295 -0.83 -4.74 -4.32
12M USD LIBOR 1.92463 0.08 -3.75 -3.59
Ukraine 32 111.875 -0.33 4.68 4.68
Ukraine 20 102.75 -0.24 -0.12 -0.12
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 24.26 0.28 -4.05 -2.36
UAH:EUR (NBU) 26.97 -0.05 -4.42 -2.03
USD:GBP 1.3 0.01 0.87 -1.63
USD:EUR 1.11 -0.11 -0.10 -1.33
PLN:USD 3.83 -0.35 0.64 -0.90
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 389.25 0.45 0.39 0.39
WTI Crude Oil ($/bbl) 58.34 -0.34 -3.43 -4.45
Sugar ($/t) 14.53 -0.14 7.31 8.27
Wheat ($/t) 585.75 0.73 8.02 4.83
DCPI 18.66 -0.35 -1.08 0.32
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 18.20 18.60 18.20 0.00
AVGR LI USD 0.00 0.00 0.20 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 155.90 156.50 156.25 -0.06
IMC PW PLN 13.30 13.60 13.60 6.06
KER PW PLN 47.50 47.95 47.55 0.32
MHPC LI USD 8.82 9.08 8.82 0.00
OVO PW PLN 74.50 77.00 77.00 0.00
UNAF UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %
KVBZ UAH 0.00 0.00 0.00 0.00
TATM UAH 0.00 0.00 0.00 0.00
UTLM UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
ALAGR FP EUR 0.08 0.08 0.08 0.00
AGT PW PLN 3.50 3.56 3.56 1.71
DUPD LN GBp 9.50 12.00 10.75 0.00
JKX LN GBp 30.40 31.60 31.00 1.31
KSG PW PLN 1.23 1.23 1.23 0.00
MLK PW PLN 0.43 0.46 0.46 0.00
RPT LN GBp 21.00 22.40 22.40 0.00
UKR LN GBp 2.00 3.90 2.95 0.00
DOEN UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %

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