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Wednesday, August 18, 2010

Daily Market Brief

Market Comment

Upbeat industrial output data and strong corporate reports out of the US boosted Ukrainian equity markets Tuesday (Aug. 17). The UX exchange advanced 1.72% on a solid trading volume of UAH 98 mln. Yasynivka Coke (YASK) stole the spotlight, jumping 6.85%. Other metals and mining stocks outperformed the market: ALMK +2.39%, AVDK +2.30%, AZST +4.49%, ENMZ +2.70%. Banks (BAVL +1.27%, USCB +2.62%) and GenCos (CEEN +1.17%, ZAEN +1.15%) benefited from the broad upward shift. Motor Sich (MSICH +0.76%) and Ukrnafta (UNAF +2.15%) gained ground, unlike Ukrtelecom that bucked the general trend to close 0.31% lower.

Ukrainian stocks listed on international markets closed mixed. Cadogan (CAD LN -4.41%) plunged into the red. Other oil and gas stocks closed higher: JKX LN +0.73, RPT LN +2.24%. Ferrexpo (FXPO LN) soared 4%. As for food processing names, Astarta (AST PW +0.08%) and Kernel (KER PW +0.32%) eked out gains, and MHP (MHPC LI -0.36%) slid.

Moderate activity was recorded Tuesday on the Ukrainian Eurobond market. Sovereigns showed steady volatility and were the most actively traded bonds on the day. Long-end issues climbed almost 1 p.p. to close virtually unchanged. NAFTO was well bid, adding about a half point. In the corporate sector, ALFAUA and DTEK were in demand and closed around 0.5 p.p. stronger.

Russian sovereign issues performed well, adding about a half point during the session. In the corporate segment, RURAIL and TNK closed higher on solid bidding, while VTB, GAZPRU and EVRAZ traded flat.

The Belorussian issue closed slightly stronger on good demand, adding about 0.25 p.p.


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