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Friday, September 24, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets declined Thursday (Sep.23) in line with global markets that were pushed lower by a string of negative news (unexpected jump in jobless claims in the US, disappointing GDP and manufacturing data out of Europe, etc.). The UX exchange closed 0.54% lower on a slim trading volume of UAH 43 mln. Metals and mining stocks led the decline: ALMK -1.18%, AVDK -1.06%, AZST -1.40%, ENMZ -1.67%. Banks also weakened with Raiffeisen Bank Aval (BAVL) losing 0.99% and Ukrsotsbank (USCB) dropping 0.88%. Other blue chips finishing in the red included Centerenergo (CEEN -1.33%), Ukrtelecom (UTLM -0.78%) and Zakhidenergo (ZAEN -0.19%). Only Motor Sich (MSICH +0.18%) and Yasynivka Coke (YASK +0.19%) managed to eked out gains.

Ukrainian stocks traded on international markets showed mixed dynamics. Profit takers were out in force for Regal Petroleum (RPT LN), the stock dropped 4.92% after posting significant gains earlier this week. Regal’s peers were on the rise: Cadogan Petroleum (CAD LN) jumped 3.85% and JKX Oil & Gas (JKX LN) added 0.31%. Among other London-listed stock, Ferrexpo (FXPO LN) lost 0.38% and MHP (MHPC LI) advanced 1.13%. In Warsaw, the bleeding slowed for Astarta (AST PW -1.23%), while Kernel (KER PW) rose 1.28%.

Macro: National Bank of Ukraine’s current account balance slides
Fixed Income: DTEK releases upbeat financials

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