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

    A very strong open post-Fed set highs for the day, with the 32s trading above 90 and 28s at 104. After that we saw offers move steadily lower and then stabilize to close +0.5-1pt. While the price changes look solid, the tone was relatively weak, with buyers generally reluctant to chase offers here (that said, not many sellers were visible around either). Corporates had a strong day (+1pt in a few cases), with some two-way flow emerging in Metinvests while Oschads were in demand among quasi-sovereigns.

  • Equities

    The local index was generally flat yesterday as a 1.5% gain in BAVL and a strong 7.2% bounce in UNAF, driven by better 2018 earnings, offset a 4.7% drop in CEEN. Foreign-listed stocks were higher overall: FXPO added 0.7%, KER rose by 2.2% and MHP increased by 2.3%, with AST bucking the trend to lose 1.6%. As a result, the KP-Dragon index inched 0.3% lower on the day. As global markets are looking for direction, we expect Ukrainian equities to trade sideways today.

Daily show all results

22.03.2019
| Daily

Real GDP up 3.3% y-o-y in 2018, nominal GDP at $131bn

Ukraine’s real GDP rose by 3.3% y-o-y in 2018, accelerating from 2.5% in 2017, according to official data. The GDP deflator slowed to 15.4% y-o-y from 22% in 2017, while nominal GDP stood at UAH 3,559bn (+19% y-o-y) or $131bn in USD terms, up from...
22.03.2019
| Daily

Metinvest — Reports audited 2018 results, 2019 operating guidance

Metinvest published audited results for 2018, reporting revenues of $11.9bn (+33% y-o-y), EBITDA of $2.5bn (+23% y-o-y) and net income of $1.2bn (+93% y-o-y), for an EBITDA margin of 21% (-2pp y-o-y) and net margin of 10% (+3pp). Net operating...
22.03.2019
| Daily

MHP — To pay dividends Apr. 4

The Board of Directors of LSE-listed MHP announced the company would pay its interim dividend of $0.7474 per share (approx. $80m in absolute terms) on Apr. 4, 2019, to shareholders on the register as of March 29, 2019.

Reports show all results

22.03.2019
| Reports

Ukrainian Politics: Tight Race for Second Place Extends into Final Week

The past seven days were rather quiet for a penultimate campaign week. Several new polls suggested unchanged dynamics in the presidential race, but we have reservations about how accurately they reflected voting intentions due to their...
18.03.2019
| Reports

Ukraine Strategy Weekly: Mixed Performance in Stocks Two Weeks Before Elections

Domestic equities diverged from global stocks last week (see last section below) as the local PFTS index lost 1.5% w-o-w in USD (+1.0% in UAH) on a sharp hryvnia correction triggered by strong demand for USD from a local state company making...
18.03.2019
| Reports

Ukrainian Bond Weekly

With two weeks to go before the first round of the presidential elections, political news flow will increasingly dominate. We await new opinion polls from around mid-March to see if there was any change in the prevailing pattern seen thus far,...
Ticker Currency Bid Ask Close 1D, %
OVO PW PLN 106.0 109.0 109.0 2.8
AGT PW PLN 3.54 3.56 3.56 0.1
KVBZ UAH _ _ _ 0.0
FARM UAH _ _ _ 0.0
DOEN UAH _ _ _ 0.0
Ticker Currency Bid Ask Close 1D, %
RPT LN GBp 42.0 43.4 42.7 -7.2
JKX LN GBp 51.0 52.5 51.75 -5.0
AST PW PLN 28.5 28.7 28.5 -5.0
FXPO LN GBp 247.0 247.5 247.5 -3.6
ALAGR FP EUR 0.1405 0.143 0.1405 -1.8
Ticker Currency Close 1D, % Volume
FXPO LN GBp 247.5 -3.6 534216.22
JKX LN GBp 51.75 -5.0 28507.19
RPT LN GBp 42.7 -7.2 13681.38
KER PW PLN 51.5 -1.0 596.93
MHPC LI USD 11.15 0.0 312.76
Name Close 1D, % 1M, % YTD, %
SPX 2800.71 -1.90 0.29 11.72
UX _ 0.00 0.00 0.00
PFTS 553.9961 -0.08 -0.14 -0.96
DAX 11364.17 -1.61 -0.82 7.63
FTSE100 7207.59 -2.01 0.40 7.13
MICEX 2492.7 -0.60 0.16 5.21
KP-Dragon 2,204.38 -0.27 0.10 10.42
Name Close 1D, % 1M, % YTD, %
CDX.EM 96.87549 0.00 0.00 1.72
5-year UST 100.6171875 0.00 0.00 0.00
10-year UST 101.625 0.00 0.00 0.00
6M USD LIBOR 2.67738 -0.06 -0.99 -6.89
12M USD LIBOR 2.79413 -0.69 -3.27 -7.03
Ukraine 19 100.0 -0.62 -0.37 0.63
Ukraine 32 88.5 -1.26 2.31 10.11
EMBI+ Ukraine 605.00 -2.10 -8.47 -21.12
CEMBI Ukraine 542.39 -2.63 -17.63 -27.15
Name Close 1D, % 1M, % YTD, %
UAH:USD (NBU) 26.96 1.10 0.21 2.70
UAH:EUR (NBU) 30.47 1.86 0.41 4.08
USD:GBP 1.32 1.07 1.02 3.57
USD:EUR 1.13 -0.49 -0.43 -1.35
PLN:USD 3.81 -0.72 0.43 -1.57
USDUAH 26.89 0.79 0.41 3.00
Name Close 1D, % 1M, % YTD, %
Corn ($/t) 378.0 0.53 0.80 0.87
WTI Crude Oil ($/bbl) 58.94 -1.49 3.20 29.80
Sugar ($/t) 12.59 0.56 -5.98 4.49
Wheat ($/t) 464.75 -0.11 -4.26 -7.40
DCPI 18.43 -0.58 -5.24 -1.37
Ticker Currency Bid Ask Close 1D, %
UNAF UAH 0.00 0.00 0.00 0.00
AST PW PLN 28.50 28.70 28.50 -5.00
AVGR LI USD 0.00 0.28 0.25 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 247.00 247.50 247.50 -3.58
IMC PW PLN 13.85 14.00 14.00 0.00
KER PW PLN 51.00 51.50 51.50 -0.96
MHPC LI USD 10.80 11.15 11.15 0.00
OVO PW PLN 106.00 109.00 109.00 2.83
Ticker Currency Bid Ask Close 1D, %
FARM 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
ALAGR FP EUR 0.14 0.14 0.14 -1.75
AGT PW PLN 3.54 3.56 3.56 0.14
DUPD LN GBp 9.00 11.90 10.45 -4.57
JKX LN GBp 51.00 52.50 51.75 -5.05
KSG PW PLN 0.90 0.97 0.90 0.00
MLK PW PLN 0.62 0.00 0.56 0.00
RPT LN GBp 42.00 43.40 42.70 -7.17
UKR LN GBp 3.10 4.48 3.79 0.00
DOEN UAH 0.00 0.00 0.00 0.00
MSICH UAH 0.00 0.00 0.00 0.00
Ticker Currency Bid Ask Close 1D, %

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