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 continued to trade a little heavy (-50c), unwinding some of last week’s gains. Naftogaz announced its new restructuring proposal, agreed with key holders. The 22s rallied to 40/45 on news of additional coupons to be paid, with no real offers. The 26s moved up as well, with indicative quotes around 27/29. Corporates were generally quiet, with trades reported in VODUKR and DTEKOG, both in the 67 area.

  • Equities

    The KP-Dragon index closed 0.7% lower yesterday as most foreign-listed stocks came under selling pressure. AST was the worst performer, down 2.4% to PLN 32.7 on $0.08m turnover. FXPO (-2.2%) closed at GBp 92.2 in a $1m volume, and MHPC dipped by 0.5%. KER jumped by 1.5% to PLN 16.3 on $0.08m turnover. We expect equities to trade higher today as global markets are generally stronger.

Ticker Currency Bid Ask Close 1D, %
MHPC LI USD 3.61 3.74 3.74 1.4
FXPO LN GBp 92.45 92.9 92.8 0.7
KER PW PLN 16.16 16.29 16.29 0.3
OVO PW PLN 43.0 44.0 43.0 0.0
MSICH UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
ENW LN GBp 15.25 16.0 15.5 -50.0
KSG PW PLN 2.1 2.13 2.1 -7.1
AST PW PLN 31.3 31.5 31.5 -3.7
IMC PW PLN 15.85 16.35 15.85 -3.1
OVO PW PLN 43.0 44.0 43.0 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 4179.83 -0.61 0.29 8.86
PFTS 507.03 0.00 0.00 -2.34
DAX 15817.85 0.98 -0.66 13.60
FTSE100 7490.55 0.60 -4.83 0.52
MICEX 2726.68 0.33 3.48 26.58
KP-Dragon 1,243.32 -0.69 -0.26 5.44
Name Close 1D, % 1M, % YTD, %
CDX.EM 93.73901 0.00 -0.32 -0.43
5-year UST 99.1953125 0.00 0.00 0.00
10-year UST 97.453125 0.00 0.00 0.00
6M USD LIBOR 5.61857 0.67 3.91 9.33
12M USD LIBOR 5.73029 1.24 6.78 4.53
Ukraine 24 22.0 -2.27 -2.27 -17.31
Ukraine 35 17.5 -4.11 7.69 -10.26
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 36.57 0.00 0.00 0.00
UAH:EUR (NBU) 39.06 0.58 3.11 -0.05
USD:GBP 1.24 -0.10 -0.54 2.86
USD:EUR 1.07 -0.07 -2.69 -0.22
PLN:USD 4.24 -0.15 -1.01 3.17
Name Close 1D, % 1M, % YTD, %
WTI Crude Oil ($/bbl) 68.09 -1.97 -11.32 -15.16
Corn ($/t) 233.9 0.00 -6.60 -12.45
Wheat ($/t) 218.3 0.55 -4.11 -24.97
Sugar ($/t) 552.6 -1.07 -7.15 25.05
DCUAHTOT 102.0 -0.14 -0.29 -0.14
DCPI 116.61 0.31 -9.33 -18.27
Ticker Currency Bid Ask Close 1D, %
AST PW PLN 31.30 31.50 31.50 -3.67
BAVL UAH 0.00 0.00 0.00 0.00
CEEN UAH 0.00 0.00 0.00 0.00
FXPO LN GBp 92.45 92.90 92.80 0.65
IMC PW PLN 15.85 16.35 15.85 -3.07
KER PW PLN 16.16 16.29 16.29 0.31
MHPC LI USD 3.61 3.74 3.74 1.36
OVO PW PLN 43.00 44.00 43.00 0.00
Ticker Currency Bid Ask Close 1D, %
MLK PW PLN 0.87 0.90 0.89 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
UTLM UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
KSG PW PLN 2.10 2.13 2.10 -7.08
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.
No events found