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Monday, October 18, 2010

Daily Market Brief

Market Comment

Trading was turbulent on Ukrainian stock exchanges Friday (Oct. 15). The UX exchange fell sharply from the opening as investors jockeyed for position ahead of Ben Bernanke’s announcement of possible quantitative easing by the Fed. Stocks shot up following Bernanke’s statement that further action by the Fed is warranted; however, the rally was short-lived as the exchange sunk in the closing hour. As a result, the UX finished down 0.49% on a high total trading volume of UAH 112 mln. Stirol (STIR -3.23%) and Stahanov Car Production Facility (SVGZ -1.39%) led the decline. Metals and mining names faded late (ALMK -0.53%, AZST -1.35%, YASK -1.13%, ENMZ -0.22%), while GenCos closed out mixed (CEEN -0.47%, ZAEN +0.36%). It was a seesaw day for banking stocks. Raiffeisen Bank Aval (BAVL -0.8%) and Ukrsotsbank (USCB -1.07%) slid, and Forum Bank (FORM +0.14%) just managed to keep its head above water.
Ukrainian stocks listed on international exchanges charted a predominantly downward course. Oil and gas names finished mixed. JKX Oil & Gas (JKX LN -1.09%) and Regal Petroleum (RPT LN -3.07%) suffered notable losses, and Cadogan Petroleum (CAD LN +2.25%) posted a solid gain. Food processing names took their lumps. MHP shed 0.46%, Kernel (KER PW) slumped 0.76% and Astarta (AST PW) tumbled 3.27%.
On the heels of Thursday’s correction, prices for Ukrainian Eurobonds rebounded slightly at the beginning of Friday’s trading session. However, sovereigns were unable to sustain momentum and traded down later in the day: Ukraine 20 closed at 103.25 and NAFTO traded down at 109.875. Corporates were largely inactive. Banking names lost slightly in price. Only municipals managed to add; CITKIE 15 reached 95.5 on a low trading volume.


Macro: Ukraine’s industrial output grows 10.8% in September
Fixed Income: Ukreximbank raises $250 mln in additional offering

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