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Thursday, August 26, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets retreated Wednesday (Aug. 25) as disappointing reports out of the U.S. raised worries of another global economic slowdown. The UX exchange slumped 3.15% on a solid trading volume of UAH 96 mln. Centerenergo (CEEN -4.38%) and Ukrtelecom (UTLM -4.37%) took the hardest hits. Steel names were also slammed: ALMK -4.13%, AZST -3.60%, ENMZ -3.44%. Coke producers (AVDK -1.87%, YASK -1.86%) and banks (BAVL -2.54%, USCB -3.16%) waded into the red followed by Motor Sich (MSICH -2.09%), Ukrnafta (UNAF -1.92%) and Zakhidenergo (ZAEN -3.06%).

Ukrainian stocks listed on international markets traded in the doldrums yesterday. Regal Petroleum (RPT LN) was the only exception, edging up 0.76%. Other oil and gas names posted moderate losses: JKX LN -2.04%, CAD LN -1.49%. Food processing stocks weakened (AST PW -2%, KER PW -1.05%, MHPC LI -1.29%), while Ferrexpo turned in the worst performance, dropping 4.07%.

Sellers dominated on the Ukrainian Eurobond market Wednesday. Sovereigns lost another half a point during the session. Naftogaz was down about 1.25 p.p., but managed to recover some losses by the close. The corporate sector was less active with some trading recorded for ALFAUA and MHP, both closed weaker.

The Russian market underperformed as well, and BELARUS closed about 1 p.p. lower.



Fixed Income: Avangard to tap Eurobond market
Food processing: Avangard boosts net profit 86% Y-o-Y
Agriculture: Astarta releases 1H2010 financials

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