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 was heavy (long end -1pt), with the same reasons being quoted: sluggish global fixed income, heavy positioning, and IMF delays. Regarding the latter, the quote from PM Shmygal relayed by Bloomberg as “… time until June to fulfil IMF conditions” was taken a bit out of context but probably also left some impact. DTEK outperformed (+2pt) among corporates while others were generically -0.5pt.

  • Equities

    Sellers prevailed in both local and international stocks yesterday. The local UX index fell by 4% on weakness in UNAF (-8.8%), CEEN (-5.6%) and BAVL (-0.5%). Abroad, FXPO was the worst performer among liquid names, dropping by 4.5% to GBp 329. Agricultural names also traded lower, with AST and KER losing 1.6% and 1.4%, respectively. As a result, the broader KP-Dragon index lost 1.8%. Weaker Asian markets and global equity futures point to a lower open in Ukraine today.

Daily show all results

05.03.2021
| Daily

Motor Sich — Authorities consider nationalization

Head of the ruling Servant of the People (SP) party’s parliamentary faction David Arakhamia said a bill on nationalizing Motor Sich (MSICH) would be submitted to parliament this or next week. Company CEO Vyacheslav Boguslayev concurrently said...
05.03.2021
| Daily

PM expects SLA with IMF before June, lists five conditions

Prime Minister Denys Shmygal said he expected a staff level agreement (SLA) with the IMF to be reached before June and named five outstanding issues: lifting the retail gas price cap at end-March, reaching agreement on 2022-23 macro forecasts, and...
05.03.2021
| Daily

NBU hikes key rate by 50bp to 6.5%, in line with guidance, adopts more hawkish tone

The NBU raised its key rate by 50bp to 6.5% yesterday after keeping it unchanged since June 2020. The wording of the Bank’s press release changed, with the Bank saying it was ready to hike “more resolutely” to curb fundamental inflationary...

Reports show all results

01.03.2021
| Reports

Ukraine Strategy Weekly: Still Betting on FXPO and KER Despite Selloff

After weeks of strong growth with minor profit-taking pauses, last week Ukrainian stocks succumbed to a global selloff, with the KP-Dragon losing 1.4% w-o-w and the local UX index closing 4.9% down (in USD; -4.6% in UAH).
01.03.2021
| Reports

Ukrainian Bond Weekly

Judicial reform moves into the spotlight this week. President Volodymyr Zelensky is due to speak today at a special session of the Ukraine-30 Forum devoted to judicial reforms including the role of the Constitutional Court.
22.02.2021
| Reports

Raiffeisen Bank Aval: Updated Valuation Yields ‘Hold’

Despite grappling with a challenging environment, Aval maintained solid profitability in 2020, booking stand-alone net profit of $151m (UAH 4.07bn), according to preliminary numbers released by the NBU.
Ticker Currency Bid Ask Close 1D, %
JKX LN GBp 28.0 30.0 29.0 11.5
FXPO LN GBp 331.4 331.6 331.6 0.7
KSG PW PLN 4.08 4.1 4.1 0.5
IMC PW PLN 20.7 21.0 21.0 0.5
UNAF UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
ENW LN GBp 23.0 24.5 23.75 -3.5
AST PW PLN 41.5 41.9 41.5 -1.9
MHPC LI USD 5.72 5.78 5.72 -1.7
MLK PW PLN 0.908 0.91 0.91 -1.6
AGT PW PLN 6.26 6.28 6.28 -0.9
Ticker Currency Close 1D, % Volume
FXPO LN GBp 331.6 0.7 562705.15
JKX LN GBp 29.0 11.5 8104.47
ENW LN GBp 23.75 -3.5 4891.58
KER PW PLN 54.3 -0.6 1262.86
AST PW PLN 41.5 -1.9 291.39
Name Close 1D, % 1M, % YTD, %
SPX 3841.94 1.95 -1.88 2.29
UX _ 0.00 0.00 0.00
PFTS 516.87 -1.46 -0.81 3.43
DAX 13920.69 -0.97 -0.99 1.47
FTSE100 6630.52 -0.31 1.64 2.63
MICEX 3414.13 0.49 -0.92 3.80
KP-Dragon 2,329.84 -1.77 3.09 16.45
Name Close 1D, % 1M, % YTD, %
CDX.EM 95.80325 0.04 -1.57 -1.82
5-year UST 98.546875 0.00 0.00 0.00
10-year UST 95.953125 0.00 0.00 0.00
6M USD LIBOR 0.19588 -3.63 -5.37 -23.97
12M USD LIBOR 0.27775 -2.11 -8.67 -18.76
Ukraine 21 101.75 -0.37 -1.21 -2.05
Ukraine 33 99.75 -1.97 -8.70 -8.70
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 27.71 0.17 0.22 1.99
UAH:EUR (NBU) 33.08 1.00 0.63 4.72
USD:GBP 1.38 -0.71 0.67 1.27
USD:EUR 1.19 -0.68 -1.05 -2.56
PLN:USD 3.85 -1.18 -3.18 -2.95
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 562.0 2.88 2.46 16.12
WTI Crude Oil ($/bbl) 66.09 3.54 16.25 36.21
Sugar ($/t) 16.39 0.86 -0.12 5.87
Wheat ($/t) 654.0 0.65 1.99 2.11
DCPI 32.09 0.55 3.61 9.27
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 41.50 41.90 41.50 -1.89
AVGR LI USD 0.01 0.00 0.01 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 331.40 331.60 331.60 0.73
IMC PW PLN 20.70 21.00 21.00 0.48
KER PW PLN 54.30 55.00 54.30 -0.55
MHPC LI USD 5.72 5.78 5.72 -1.72
OVO PW PLN 70.00 81.00 81.00 0.00
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 23.00 24.50 23.75 -3.46
MSICH UAH 0.00 0.00 0.00 0.00
ALAGR FP EUR 0.17 0.18 0.17 -0.57
AGT PW PLN 6.26 6.28 6.28 -0.95
KSG PW PLN 4.08 4.10 4.10 0.49
MLK PW PLN 0.91 0.91 0.91 -1.61
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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