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 curve closed 0.5-1pt lower amid not many market-moving headlines. Some light selling continued in long-end bonds while bids did not go higher than the mid-37 area. Corporates remained very firm, with Metinvest marked further higher.

  • Equities

    The KP-Dragon index rose by 3.2% yesterday as MHPC jumped by 3.9%, AST advanced by 3.2% and KER rose by 2.1% on a $0.26m volume. FXPO registered a 6% gain, closing at GBp 181 on average-sized $3.2m turnover while IMC finished unchanged. Weaker global markets point to a lower open in Ukrainian names today.

Ticker Currency Bid Ask Close 1D, %
ENW LN GBp 20.0 20.5 20.25 1.0
UTLM UAH _ _ _ 0.0
TATM UAH _ _ _ 0.0
KVBZ UAH _ _ _ 0.0
DOEN UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 1.032 1.112 1.032 -10.1
FXPO LN GBp 169.6 169.7 169.6 -6.5
KSG PW PLN 2.58 2.6 2.6 -5.1
MHPC LI USD 4.64 4.8 4.65 -3.1
AST PW PLN 26.45 27.05 26.5 -2.9
Ticker Currency Close 1D, % Volume
FXPO LN GBp 169.6 -6.5 261356.29
KER PW PLN 28.38 -1.1 195.86
AST PW PLN 26.5 -2.9 104.13
KSG PW PLN 2.6 -5.1 23.43
MHPC LI USD 4.65 -3.1 16.09
Name Close 1D, % 1M, % YTD, %
SPX 3947.41 -0.66 -7.59 -17.18
PFTS 519.2 0.00 0.00 -0.68
DAX 13919.75 -1.80 -1.57 -12.37
FTSE100 7484.35 -0.39 -0.50 1.35
MICEX 2293.62 -0.36 2.75 -39.44
KP-Dragon 1,529.88 3.18 -2.71 -38.56
Name Close 1D, % 1M, % YTD, %
CDX.EM 91.74593 0.00 -0.85 -4.38
5-year UST 99.9765625 0.00 0.00 0.00
10-year UST 100.984375 0.00 0.00 0.00
6M USD LIBOR 2.06186 -0.18 13.06 508.67
12M USD LIBOR 2.718 -0.44 4.27 366.11
Ukraine 22 69.0 -1.43 21.05 -30.57
Ukraine 33 35.5 -6.58 7.58 -59.89
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 29.25 0.00 0.00 -6.76
UAH:EUR (NBU) 31.34 -0.53 0.33 -1.34
USD:GBP 1.25 0.01 -1.52 -7.36
USD:EUR 1.07 0.03 0.18 -5.59
PLN:USD 4.28 -0.01 1.39 -5.80
Name Close 1D, % 1M, % YTD, %
WTI Crude Oil ($/bbl) 112.02 -0.90 8.68 45.50
Corn ($/t) 309.5 0.96 -0.85 32.53
Wheat ($/t) 437.2 1.82 11.68 54.40
Sugar ($/t) 435.9 -0.90 2.75 4.71
DCUAHTOT 107.9 0.10 0.17 2.55
DCPI 63.04 1.98 6.20 48.71
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 26.45 27.05 26.50 -2.93
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 169.60 169.70 169.60 -6.45
IMC PW PLN 17.70 17.95 17.70 -1.67
KER PW PLN 28.38 28.50 28.38 -1.11
MHPC LI USD 4.64 4.80 4.65 -3.12
OVO PW PLN 41.40 44.80 44.80 -0.44
UNAF UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %
MSICH UAH 0.00 0.00 0.00 0.00
KSG PW PLN 2.58 2.60 2.60 -5.11
MLK PW PLN 1.03 1.11 1.03 -10.10
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
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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