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Thursday, October 21, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets moved higher on Wednesday (Oct 20) rebounding after the steep losses of previous sessions. The UX exchange advanced 1.48% led by gains in banking (BAVL +3.78%, USCB +1.84%) and energy stocks (CEEN +2.57%, ZAEN +2.46%). Trading volume was relatively high at UAH 109 mln. Metals and mining companies also fueled the broader market: AVDK +0.97%, AZST +0.95%, ENMZ +1.12%, YASK +0.37%. Motor Sich (MSICH +1.59%) and Ukrnafta (UNAF +0.89%) moved along with the broader market, while Alchevsk Steel (ALMK -0.28%) and Ukrtelecom(UTLM -0.23%) were among few stocks that closed in the red.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) came into the spotlight gaining 11.54% as investors brushed off some of the previous day's gloominess. As for other oil and gas companies, Cadogan Petroleum (CAD LN) slipped 3.45%, while JKX Oil & Gas climbed 0.7%. Ferrexpo (FXPO LN +0.15%) and MHP (MHPC LI -0.39%) closed little changed. In Warsaw Astarta (AST PW +1.05%) extended gains while Kernel (KER PW -2.96%) came under selling pressure.

In the first half of the trading session Ukrainian bonds continued their decline. Sovereigns moved down slightly. Corporates were not in good demand. But by the end of the day sovereigns managed to increase in price on line with positive market sentiment and buyers for corporate appeared on the market.

Oil & Gas: Ukrnafta November oil supplies priced at $63/bbl
Oil & Gas: Ukrnafta to increase gas realizations to industrial users
Metals and Mining: ALMK fails to provide iron ore supplies for October
Agriculture: Sintal continues its elevator expansion

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