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 showed some uneven dynamics, with slightly lower indications in a few middle maturities but somewhat better support in long-end benchmark bonds and warrants. Trade reporting systems showed some prints in VODUKR at 66+ and Metinvest at 62+

  • Equities

    The broader KP-Dragon index rose by 1.6% yesterday. MHPC was one of the best performers, jumping by 4.8% to $5 on a small volume, followed by KER (+1.6%) and IMC (+1.4%). FXPO inched up by 0.6% to GBp 175 on $1.35m turnover. KER will be in focus today after releasing 3Q22 FY financials.

Ticker Currency Bid Ask Close 1D, %
ENW LN GBp 21.2 21.5 21.35 1.4
FXPO LN GBp 175.9 176.0 175.9 0.7
UTLM UAH _ _ _ 0.0
TATM UAH _ _ _ 0.0
KVBZ UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.95 0.97 0.95 -9.7
MHPC LI USD 4.78 4.89 4.78 -4.4
KER PW PLN 26.46 26.5 26.5 -3.4
AST PW PLN 26.3 26.6 26.3 -3.0
KSG PW PLN 2.39 2.48 2.4 -2.6
Ticker Currency Close 1D, % Volume
FXPO LN GBp 175.9 0.7 185629.72
KER PW PLN 26.5 -3.4 503.63
AST PW PLN 26.3 -3.0 124.16
MHPC LI USD 4.78 -4.4 40.68
KSG PW PLN 2.4 -2.6 34.41
Name Close 1D, % 1M, % YTD, %
SPX 4147.82 2.22 -0.86 -12.97
PFTS 519.2 0.00 0.00 -0.68
DAX 14462.19 1.62 4.84 -8.96
FTSE100 7585.46 0.27 2.15 2.72
MICEX 2407.59 -0.23 -0.69 -36.43
KP-Dragon 1,534.86 1.60 2.16 -38.36
Name Close 1D, % 1M, % YTD, %
CDX.EM 92.49545 0.00 0.16 -3.60
5-year UST 99.5703125 0.00 0.00 0.00
10-year UST 101.1875 0.00 0.00 0.00
6M USD LIBOR 2.07571 1.04 13.57 512.76
12M USD LIBOR 2.68157 -0.09 5.31 359.86
Ukraine 22 69.5 -0.71 26.36 -30.06
Ukraine 33 36.5 -1.35 14.06 -58.76
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 29.25 0.00 0.00 -6.76
UAH:EUR (NBU) 31.32 -0.01 -1.13 -1.27
USD:GBP 1.26 0.45 0.51 -6.66
USD:EUR 1.07 0.25 1.61 -5.60
PLN:USD 4.26 0.87 4.56 -5.31
Name Close 1D, % 1M, % YTD, %
WTI Crude Oil ($/bbl) 115.07 0.86 12.79 49.46
Corn ($/t) 301.2 -0.94 -4.76 28.95
Wheat ($/t) 420.0 -0.44 5.54 48.33
Sugar ($/t) 430.9 -0.71 2.90 3.50
DCUAHTOT 107.8 -0.01 -0.04 2.48
DCPI 60.09 -1.12 0.98 41.75
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 26.30 26.60 26.30 -2.95
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 175.90 176.00 175.90 0.74
IMC PW PLN 18.10 18.30 18.10 -0.55
KER PW PLN 26.46 26.50 26.50 -3.36
MHPC LI USD 4.78 4.89 4.78 -4.40
OVO PW PLN 35.00 43.40 43.40 0.00
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 2.39 2.48 2.40 -2.64
MLK PW PLN 0.95 0.97 0.95 -9.70
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.

Calendar of events

In this section we have provided you with information on upcoming events that may interest you and your partners.
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