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. 

Market View

  • Fixed income

    The sovereign remained under pressure from global rates while news flow on US aid prospects did not make things any clearer. GDP warrants weakened by 2pt, with a few negative sell-side notes making the rounds. Quasi-sovereigns and corporates remained bifurcated: trades in NAFTO 28 trades were reported at 51 and MHP 24 at 86, while DTEK said it intended to publish an updated proposal reflecting “the progress of the discussion.”

  • Equities

    The local market was very quiet yesterday, with the UX index closing unchanged. Abroad, trading was mixed. FXPO inched up by 0.3% to GBp 74.6 on small turnover of $0.65m, AST lost 1.4% to PLN 29.15, MHPC dropped by 0.9% to $3.4, and KER fell by 0.7%. The broader KP-Dragon index remained flat as a result. Weaker global markets point to a lower open in Ukrainian equities today.

Ticker Currency Bid Ask Close 1D, %
KSG PW PLN 1.8 1.825 1.825 1.4
AST PW PLN 29.5 29.75 29.5 0.9
FXPO LN GBp 74.5 75.05 74.95 0.5
KER PW PLN 6.885 6.98 6.885 0.3
MSICH UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
IMC PW PLN 11.45 11.75 11.45 -3.0
OVO PW PLN 61.5 63.5 63.5 -2.3
MLK PW PLN 0.785 0.79 0.785 -1.4
MSICH UAH _ _ _ 0.0
MHPC LI USD 3.4 3.43 3.4 0.0
Ticker Currency Close 1D, % Volume
2 2 2 2.0 2
0.0
I I I 0.0 I
/ / / 0.0 /
Name Close 1D, % 1M, % YTD, %
SPX 4229.45 -1.37 -6.34 10.16
PFTS 507.03 0.00 0.00 -2.34
DAX 15101.53 0.11 -4.57 8.46
FTSE100 7482.09 0.16 0.39 0.41
MICEX 3141.88 -0.06 -3.89 45.85
KP-Dragon 1,097.49 0.00 -7.12 -6.93
Name Close 1D, % 1M, % YTD, %
CDX.EM 93.91905 0.00 -2.13 -0.24
5-year UST 99.1640625 0.00 0.00 0.00
10-year UST 92.71875 0.00 0.00 0.00
6M USD LIBOR 5.88086 -0.25 -0.01 14.44
12M USD LIBOR 6.04143 1.36 5.43 10.20
Ukraine 24 31.5 -3.82 -5.97 21.15
Ukraine 35 24.5 -2.97 -10.09 25.64
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 36.59 -0.06 -0.06 -0.06
UAH:EUR (NBU) 38.33 0.50 3.06 1.85
USD:GBP 1.21 0.41 -3.94 0.36
USD:EUR 1.05 0.32 -2.73 -1.91
PLN:USD 4.41 0.27 -6.13 -0.84
Name Close 1D, % 1M, % YTD, %
WTI Crude Oil ($/bbl) 89.23 0.46 4.30 11.18
Corn ($/t) 191.9 -0.26 4.90 -28.15
Wheat ($/t) 208.9 0.66 0.18 -28.22
Sugar ($/t) 566.0 -2.58 -0.54 28.09
DCUAHTOT 99.4 0.05 -0.88 -2.69
DCPI 121.38 -1.39 -4.73 -14.92
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 29.50 29.75 29.50 0.86
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 74.50 75.05 74.95 0.54
IMC PW PLN 11.45 11.75 11.45 -2.97
KER PW PLN 6.88 6.98 6.88 0.29
MHPC LI USD 3.40 3.43 3.40 0.00
OVO PW PLN 61.50 63.50 63.50 -2.29
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.79 0.79 0.79 -1.38
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
UTLM UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
KSG PW PLN 1.80 1.82 1.82 1.39
Ticker Currency Bid Ask Close 1D, %

Notes:

*The Dragon Capital Terms of Trade Index (Bloomberg ticker: DCUAHTOT) measures the relative dynamics of key commodities exported and imported by Ukraine, including wheat, corn, sunflower oil, steel, iron ore, crude oil and natural gas. The index is set equal to 100 in the base year of 2019. Higher index values mean export prices outperform import prices, and vice versa. For more information, please refer to this research note (link) or contact your Dragon Capital contact person.

***Dragon Commodity Price Index (DCPI) is an equally weighted price index launched in 2007 to track tracks prices of all key commodities, which Ukraine either consumes or exports. The DCPI currently includes prices of wheat, sunflower oil, sugar, corn, natural gas, crude oil, hot rolled steel, iron ore and thermal coal. The DCPI is calculated on a daily basis from base level of one set for Dec. 31, 2000.

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