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Thursday, September 30, 2010

Daily Market Brief

Market Comment

Trading on Ukrainian equity markets was volatile Wednesday (Sep. 29). The UX exchange opened strong, but edged lower to lose 0.49% on the day. Total trading volume was moderate at UAH 73.5 mln. Banks were among the worst performers with Raiffeisen Bank Aval (BAVL) losing 1.09% and Ukrsotsbank (USCB) declining 1.72%. Most metals and mining names extended losses (ALMK -0.18%, AVDK -1.17%, AZST -0.26%); Enakievo (ENMZ) managed to inch up 0.11% and Yasynivka (YASK) finished flat. GenCos (CEEN -1.11%, ZAEN -0.72%) stumbled along with Motor Sich (MSICH -1.17%) and Ukrtelecom (UTLM -0.12%). Ukrnafta was the only bright spot among blue chips adding 1.59%.

Ukrainian stocks listed on international markets closed mixed. Investors favored oil and gas companies (CAD LN +3.75%, JKX LN +1.08%) and Ferrexpo (FXPO LN +3.33%). As for food-processing names, Kernel (KER PW +1.15%) advanced, while Astarta (AST PW -0.46%) and MHP (MHPC LI -0.86%) posted moderate losses.

Corporates rallied on the Ukrainian Eurobond market yesterday. The biggest gainers were MHPSA, DTEK, METINV and FIUKR – all names added nearly a point. Sovereigns also rose slightly in price.

Equity: Ukraine’s policymakers reconsider minority squeeze-out law
Macro: Ukraine's public debt repayment to equal UAH 69.4 bln in 2011

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