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Tuesday, August 31, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets showed mixed dynamics Monday (Aug. 30). The UX exchange opened strong, but failed to keep gains and closed only 0.07% higher. Total trading volume was moderate at UAH 73 mln. An impressive gain for Avdiivka Coke (AVDK +4.02%) was offset by a weak performance by Yasynivka Coke (YASK -4.18%). Steel producers posted mild losses: ALMK -0.35%, AZST -0.74%, ENMZ -1.10%. Centerenergo (CEEN -0.67%) and Ukrtelecom (UTLM -0.38%) came under selling pressure, while Motor Sich (MSICH +0.31%), Ukrnafta (UNAF +1.36%) and Ukrsotsbank (USCB +0.72%) enjoyed modest demand.

The London Stock Exchange was closed yesterday due to a banking holiday. Ukrainian food processing stocks listed in Warsaw advanced. Astarta (AST PW) soared 2.14% and Kernel (KER PW) inched up 0.41%.

Politics: Amendments to Ukrainian law pave the way for local elections
Fixed Income: Ministry of Finance places third tranche of VAT bonds
Metals and Mining: Alchevsk repays one-third of its debt for raw materials to Metinvest
Food processing: Kernel reports $152.7 mln net profit

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