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Tuesday, November 30, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed on Monday (Nov. 29). The PFTS finished with a near one-point gain, while the UX exchange (-0.07%) fell just on the wrong side of the fence. Total trading volume on the UX remained high at UAH 169 mln. Blue chips predominantly ended the session in negative territory led by Ukrsotsbank (USCB -1.86%), Stahanov Car Production Facility (SVGZ -1.86%), Forum Bank (-1.47%) and Ukrtelecom (UTLM -1.03%). With the exception of Enakievo Steel (ENMZ +0.14%), metals and mining names dropped slightly: ALMK -0.12%, AVDK -0.45%, AZST -0.87%, YASK -1.01%. Ukrnafta continued to tack on gains, rising 1.31%. Zakhidenergo (ZAEN +2.57%) and Raiffeisen Bank Aval (BAVL +0.62%) were also among the day’s winners.

Ukrainian stocks posted mixed results on international markets. In oil and gas names, Cadogan (CAD LN) saw its price skyrocket 5%, while investors fixed profits on Regal Petroleum (RPT LN) – the stock plummeted 12.82%. Also in London, JKX Oil & Gas (JKX LN -1.44%) slid, Ferrexpo (FXPO LN -3.5%) dropped significantly, and MHP SA (MHPC LI +1.17%) turned in a solid performance. In Warsaw, Astarta (AST PW) and Agroton (AGT PW) lost 3.34% and 0.36% respectively. Kernel (KER PW) wrapped up the session by surging 2.27%.


Macro: Ukraine’s budget deficit breaks limit for 2010
Oil & Gas: Ukrainian Court grants Ukrnafta claim
Metals and Mining: Court confirms $20 mln in fines to be paid by Alchevsk Steel

Monday, November 29, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets were dragged lower by renewed concerns over the eurozone’s debt problems and escalating tensions in Korea Friday (Nov. 26). The UX exchange opened lower, but took back some of the early losses to close down a mere 0.25%. Trading volume came in at a solid UAH 167 mln. Raiffeisen Bank Aval (BAVL) was the stock of the day, popping up 3.08%. Centerenergo (CEEN) and Ukrnafta (UNAF) also finished in positive territory, adding 0.12% and 0.19% respectively. Investors fixed profits in Ukrtelecom (UTLM -1.66%). Metals and mining stocks put downward pressure on the index: ENMZ -1.56%, ALMK -0.84%, AVDK -0.85%, AZST -0.64%, YASK -0.83%. Motor Sich (MSICH -0.87%), Ukrsotsbank (USCB -0.67%) and Zakhidenergo (ZAEN -0.83%) also slumped.

Among Ukrainian stocks listed on international markets, Regal Petroleum (RPT LN) extended gains by another 6.85%, while other oil and gas names edged lower: JKX LN -0.67%, CAD LN -1.24%. Ferrexpo (FXPO LN) also traded in the red, losing 0.51%. Agricultural and food processing stocks showed mixed dynamics: Agroton (AGT PW -0.17%) and Astarta (AST PW -1.26%) shed, while Kernel (KER PW +1.48%) and MHP (MHPC LI +0.62%) gained ground.


Macro: Ukraine’s aggregate public debt rises to 37.5% of GDP

Monday, November 22, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower Friday (Nov. 19) after China increased the volume of required bank reserves by 0.5%. The UX exchange lost 0.77% as trading volume reached an impressive UAH 230 mln. Ukrsotsbank (USCB -3.18%), Zakhidenergo (ZAEN -2.22%), Motor Sich (MSICH -1.09%) and Ukrnafta (UANF -1.25%) contributed most to the index’s decline. Coke producers (AVDK -0.98%, YASK -0.56%), Raiffeisen Bank Aval (BAVL -0.67%) and Ukrtelecom (UTLM -0.73%) posted meager losses, while Steel makers (ALMK +1.20%, AZST +0.52%, ENMZ +1.02%) and Centerenergo (CEEN +0.26%) bucked the general trend.

Among Ukrainian stocks listed on the London Stock Exchange, Regal Petroleum (RPT LN -5.17%) and Ferrexpo (FXPO LN -2.12%) were the most notable losers, while other names posted gains: CAD LN +3.95%, JKX LN +0.28%, MHPC LI +0.59%. In Warsaw, Astarta (AST PW -2.6%) slid, Kernel (KER PW -0.08%) lost a fraction and Agroton (AGT PW) closed flat.


Politics: Ukrainian parliamentary election pushed until 2012
Macro: Ukraine’s government forecasts 4.5% Y-o-Y GDP growth in 2011

Friday, November 19, 2010

Daily Market Brief

Market Comment

Investors were in a bullish mood on Ukrainian equity markets Thursday (Nov.18) as global sentiment was lifted by hopes of an Irish bailout. The UX exchange grew 2.87%, boosted by gains in metals and mining shares. Trading volume reached an impressive UAH 195 mln. Alchevsk Steel (ALMK) hit a new high, skyrocketing 8.12%. Other names in the sector showed milder growth: AVDK +1.79%, AZST +4.27%, ENMZ +1.51%, YASK +2.04%. Motor Sich (MSICH +3.23%), Ukrnafta (UNAF +4.27%) and Ukrtelecom (UTLM +3.27%) also rose sharply. Banks (BAVL +2.22%, USCB +0.83%) and GenCos (CEEN +0.85%, ZAEN +2.71%) followed the general upward trend.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) was the only name to close in the red – the stock price fell on concerns over the company’s licensing issues. JKX Oil & Gas (JKX LN +1.38%), Cadogan Petroleum (CAD LN +2.7%), MHP (MHPC LI +2.42%) and Ferrexpo (FXPO LN +0.88%) continued to gain ground. On the Warsaw Stock Exchange, Agroton (AGT PW) soared 3.03%, while Kernel (KER PW -2.83%) extended losses.


Macro: Ukraine’s Parliament approves new Tax Code
Fixed Income: Mriya cancels Eurobond placement

Thursday, November 18, 2010

Daily Market Brief

Market Comment

Volatile trading was observed on Ukrainian equity markets Wednesday (Nov. 17). The UX exchange opened lower, but recovered early losses in a second half rally to close 1.25% higher. Trading volume was above average at UAH 140 mln. Alchevsk Steel (ALMK +3.36%), Motor Sich (MSICH +3.33%) and Ukrnafta (UNAF +3.95%) contributed most to the index’s growth. Coke producers (AVDK +0.33%, YASK +0.75%) reversed to gains, while banks (BAVL -0.58%, USCB -1.02%) and steel makers (AZST -0.19%, ENMZ -0.52%) extended losses. GenCos showed mixed dynamics: Centerenergo (CEEN) inched up 0.12%; Zakhidenergo (ZAEN) slid 1.87%.

Among Ukrainian stocks listed on international markets, oil and gas names closed flat (JKX LN +0.17%, CAD LN unch, RPT LN unch). Other London-listed stocks posted solid gains: FXPO LN +3.49%, MHPC LI +1.23%. In Warsaw, agriculture and food processing stocks sank with Kernel (KER PW -4.92%) suffering the most significant blow, and Agroton (AGT PW -2.62%) and Astarta (AST PW -1.6%) also taking a dive.


Fixed Income: FUIB’s merger with Dongorbank scheduled for 2H11
Oil & Gas: Regal Petroleum suspends production in Ukraine

Wednesday, November 17, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets declined Tuesday (Nov. 16), dragged lower by negative sentiment from global markets. The UX exchange lost 1.71% as investors’ concerns over European sovereign debt took its toll. Activity was high – trading volume came in at UAH 187 mln. Blue chips closed broadly lower led by Motor Sich (MSICH -3.34%). Banks followed suit with Raiffeisen Bank Aval (BAVL) shedding 2.04% and Ukrsotsbank (USCB) declining 2.17%. Metals and mining stocks posted moderate losses: AVDK -1.66%, AZST -1.92%, ENMZ -1.45%, YASK -0.77%. Most other top names mirrored the broad market trend: CEEN -1.29%, UNAF -0.98%, UTLM -1.63%.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) jumped 5.36%, while Cadogan (CAD LN -3.9%) and JKX Oil & Gas (JKX LN -2.15%) closed significantly lower. Investors fixed profits on Ferrexpo (FXPO LN -8.1%), pushing the price lower. Among agriculture and food processing stocks, only Kernel (KER PW +0.39%) managed to stay on the positive side, while Agroton (AGT PW -1.39%), Astarta (AST PW -2.25%) and MHP (MHPC LI -1.21%) lost in price.


Macro: Ukraine’s industrial output grows 10.2% Y-o-Y in October
Macro: IMF mission approves second tranche to Ukraine
Fixed Income: Ukraine’s President appoints new Head of Kiev City State Administration
Fixed Income: MHP reports 4.3 times increase in net profit

Tuesday, November 16, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets began the week on the rise yesterday (Nov.15), boosted by positive news from international markets. The UX exchange (+2.03%) traded sideways in the first half of the session, but moved higher after the opening of US markets. Stocks changed hands actively bringing total trading volume to UAH 125 mln. Motor Sich (MSICH) took the spotlight for a second straight day – the stock soared 6.57%. Investors made moves for Ukrnafta (UNAF +2.21%), Ukrsotsbank (USCB +3.22%) and Yasynivka (YASK +3.99%), pushing prices higher. GenCos (CEEN +1.84%, ZAEN +0.21%) and most metal and mining stocks (ALMK +1.22%, AVDK +0.65%, AZST +0.61%) mirrored the general positive trend. Only a few stocks closed in the red, led by Raiffeisen Bank Aval (BAVL -1.32%) and trailed by Ukrtelecom (UTLM -0.22%) and Enakievo Metallurgical Plant (ENMZ -0.09%).

Ukrainian stocks listed on international markets closed mixed. Cadogan Petroleum (CAD LN) plunged 6.1%, while Regal (RPT LN) and JKX Oil & Gas (JKX LN) closed flat. Other London-listed shares finished in positive territory: Ferrexpo (FXPO LN) jumped 3.59% and MHP (MHPC LI) inched up 0.61%. In Warsaw, Astarta (AST PW) and Kernel (KER PW) posted strong gains of 2.5% and 1.17% respectively, while Agroton (AGT PW) slid 0.83%.

On fixed income -- the IMF mission to Ukraine recently announced that the country would receive the second $1.6 billion tranche of funding from its large loan agreement by month's end. This should have a positive impact on Ukrainian Eurobond prices, especially on the back of recent yield increases on the back of Ireland's developments.

Macro: Ukraine’s GDP grows 3.5% Y-o-Y
Fixed Income: Moody’s upgrades credit rating outlook for DTEK
Oil & Gas: JKX reports decline in production

Monday, November 15, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed Friday (Nov. 12) with the UX exchange adding 0.05% and PFTS declining 0.13%. The UX opened sharply lower on negative sentiment out of China, but rallied throughout the day to finish in the black. Trading volume was relatively high for a Friday at UAH 113 mln. Motor Sich (MSICH +1.99%) was the index’s heaviest contributor. Other gainers included Alchevsk Steel (ALMK +0.55%), Centerenergo (CEEN +0.11%) and Ukrnafta (UNAF +0.11%). Ukrtelecom (UTLM -1.48%) showed the weakest performance with Zakhidenergo (ZAEN -0.94%) following close behind. Banking (BAVL -0.76%, USCB -0.88%) and metals and mining shares (AVDK -0.15%, AZST -0.23%, ENMZ -0.46%, YASK -0.42%) also traded in negative territory.

Among Ukrainian stocks listed on the London Stock Exchange, only JKX Oil & Gas (+0.46%) managed to eke out a small gain. Ferrexpo (FXPO LN -4.22%) retreated after the previous day’s rally, Regal petroleum (RPT LN) lost 1.75% and MHP (MHPC LI) slid 0.61%. Stocks closed mixed on the Warsaw Stock Exchange: Agroton (AGT PW) and Kernel (KER PW) jumped 3.28% and 3.64% respectively, while Astarta (AST PW) declined 1.64%.


Politics: Ukraine’s President appoints opposition ally

Friday, November 12, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets traded sideways on Thursday (Nov.11). The UX exchange hovered over the flat line most of the day to close 0.10% lower. Trading volume declined compared to the previous sessions, but remained rather high at UAH 128 mln. Zakhidenergo (ZAEN) came into the spotlight rising 4.68%, with Ukrsotsbank (USCB +1.14%) following close behind. Coke producers (AVDK +0.02%, YASK +0.24%),

Raiffeisen Bank Aval (BAVL +0.13%) and Motor Sich (MSICH +0.01%) all eked out small gains. Ukrtelecom (UTLM -1.15%) was the most prominent loser among blue chips, while steel makers (ALMK -0.75%, AZST -0.56%, ENMZ -0.65%) posted moderate losses. Centerenergo (CEEN -0.04%) and Ukrnafta (UNAF -0.09%) both lost a fraction.


Ukrainian stocks listed on international markets closed mixed. Ferrexpo showed the best performance skyrocketing 10.97%. The reason for such a remarkable gain was the approval of an expansion program for a total amount of $647 mln. Among oil and gas names JKX (JKX LN) advanced 1.12%, while Cadogan (CAD LN) and Regal Petroleum (RPT LN) lost 1.22% and 3.39% respectively. The latter lost in price after an official announcement confirming an unfavorable court decision. As for agricultural and food processing companies, Agroton (AGT PW) and Astarta (AST PW) did not trade due to an exchange holiday, while MHP (MHPC LI +2.36%) closed stronger.


Macro: Net FX inflow in Ukraine amounts to $500 mln in November
Fixed Income: Kiev to borrow UAH 500 mln from Ukreximbank
Equities: Yasynivka Coke’s parent finds coke consumers abroad

Thursday, November 11, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets swung between gains and losses on Wednesday (Nov. 10). The UX exchange opened lower but rebounded closer to the end of the session to finish 0.03% higher. Trading volume was relatively high at UAH 130 mln. Ukrnafta (UNAF) and Zakhidenergo (ZAEN) were among the best performers soaring 2.82% and 2.68% respectively. Other gainers included Motor Sich (MSICH +0.35%), Ukrsotsbank (USCB +1.92%) and Ukrtelecom (UTLM +0.06%). Metals and mining stocks lost in price: ALMK -1.67%, AVDK -1.70%, AZST -0.93%, ENMZ -0.98%, YASk -0.56%. Reiffeisen Bank Aval (BAVL -1.22%) and Centrenergo (CEEN -1.61%) also came under pressure.

Among Ukrainian stocks traded on international markets, oil and gas names posted solid gains: CAD LN +2.5%, JKX LN +2.04%, RPT LN +3.51%. As for other London-listed shares, Ferrexpo (FXPO LN) plunged 3.77%, while MHP (MHPC LI) eked out a small gain of 0.81%. In Warsaw Astarta (AST PW -0.06%) and Agroton (AGT PW -0.98%) edged lower, while Kernel (KER PW +3.35%) pared the previous day’s losses.


Fixed Income: Ferrexpo shelves Eurobond placement

Wednesday, November 10, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets wavered between gains and losses on Tuesday (Nov.9). The UX exchange closed 0.69% higher on a high trading volume of UAH 150 mln. Zakhidenergo (ZAEN -7.48%) dragged the index lower, but solid gains in Centrenergo (CEEN +2.82%) and Ukrsotsbank (USCB +3.48%) shares offset losses. Most metals and mining stocks closed stronger: ALMK +1.56%, AZST +0.37%, YASK +0.90%. Motor Sich (MSICH +0.85%), Ukrnafta (UNAF +1.18%) and Ukrtelecom(UTLM +0.81%) followed suit. Avdiyivka Coke (AVDK -0.20%), Reiffesen Bank Aval (BAVL -0.40%) and Enakievo Steel (ENMZ -0.50%) posted slim losses.

Ukrainian stocks listed on the London Stock Exchange traded higher. JKX Oil & Gas (JKX LN) set the pace, soaring 4.35%. Cadogan Petroleum (CAD LN) added 1.27%, Ferrexpo (FXPO LN) advanced 1.78% and MHP (MHPC LI) gained 0.69%. In Warsaw, new Agroton (AGT PW) shares jumped 5.76%, Astarta (AST PW) climbed 1.15%, while Kernel (KER PW) slid 2.05%.


Fixed Income: Ferrexpo to renew Eurobonds offering
Fixed Income: FUIB receives bondholders consent for merger

Tuesday, November 9, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets started the week in a bearish mood on Monday (Nov 8) pulling back from last week’s rally. The UX exchange plunged 3.10% on a high trading volume of UAH 193 mln. Metals and mining stocks (AVDK -0.74%, AZST -2.90%, ENMZ -4.02%) and GenCos (CEEN -3.41%) traded lower, led by Alchevsk Steel (ALMK -7.63%) and Zakhidenergo (ZAEN -8.5%). Ukrtelecom (UTLM -3.8%) also was among the biggest laggards, the trend was also followed by banks (BAVL -4.03%, USCB -2.8%), Motor Sich (MSICH -1.23%) and Ukrnafta (UNAF -1.96%).

Among Ukrainian stocks listed on international markets Regal Petroleum (RPT LN) was the hardest hit , losing 6.56%. Cadogan Petroleum (CAD LN) and JKX Oil & Gas (JKX LN) posted strong gains of 1.28% and 4.84% respectively. Ferrexpo (FXPO LN +1.01%) closed firmer while food processing stocks showed mixed dynamics: MHPC LI -0.13%, AST PW -0.06%, KER PW +0.91%.
Agroton (AGT PW) shares started trading yesterday on Warsaw Stock Exchange. The company completed IPO of 26.2% stake last month.


Macro: Ukraine’s inflation decelerates to 0.5% M-o-M
Macro: Ukraine’s domestic production grows 5%
Macro: Corporate income tax to decrease to 23% in 2011

Monday, November 8, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed stronger on Friday (Nov 5) boosted by upbeat unemployment statistics from the US. The UX exchange rose steadily during the day to finish 2.71% higher. Trading volume hit a new high of UAH 267 mln. Particular attention was paid to Zakhidenergo (ALMK) - the stock skyrocketed 18.09%. Other metals and mining stocks also weighed on broader market: AVDK +0.08%, AZST+6.58%, ENMZ +8.68%, YASK+6.09%. Other blue chips posted solid gains: CEEN +1.15%, MSICH +3.48%, UNAF +0.61%, USCB +5.57%, UTLM +1.63%. Reiffeisen Bank Aval (BAVL -0.05%) was the only blue chip to close in the red.

Among Ukrainian stocks, listed on international exchanges, oil and gas names moved in opposite directions: Regal Petroleum (RPT LN) gained 3.39%, while JKX Oil & Gas (JKX LN) and Cadogan Petroleum (CAD LN) lost 2.31% and 1.27% respectively. Ferrexpo (FXPO LN) added 2.27%. As for food processing stocks, Kernel slid 1.79%%, while Astarta (AST PW) inched up 0.77% and MHP (MHP LI) climbed 0.32%.


Macro: Budget deficit reaches UAH 52.8 bln over 9M10
Macro: Ukraine’s industry grows 11.5% Y-o-Y in October.

Wednesday, November 3, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed on the upswing on Tuesday (Nov.2). The UX exchange opened in the red, but edged higher on upbeat sentiments from global markets. Trading activity also rose – total trading volume reached almost UAH 144 mln. Motor Sich (MSICH) hit a new high jumping 4.04%. Other gainers included Avdiivka Coke (AVDK +0.09%), Ukrnafta (UNAF +0.23%) Ukrsotsbank (USCB +0.99%) and Zakhidenergo (ZAEN +0.35%). Metals and mining stocks were among the most prominent losers: ALMK -2.75%, AZST -0.50%, ENMZ -1.65%, YASK -1.57%. Reiffeisen Bank Aval (BAVL), Centrenergo (CEEN) and Ukrtelecom(UTLM) came under pressure, losing 0.07%, 0.56% and 1.04% respectively.

Ukrainian stocks listed on international markets showed mixed dynamics. Among oil and gas companies, Regal Petroleum (RPT LN) skidded 9.68%, JKX Oil & Gas (JKX LN) advanced 1.03%, Cadogan Petroleum (CAD LN) hugged to the flat line. Ferrexpo (FXPO LN) inched up 0.21% while food processing stocks slid: KER PW -0.64%, MHPC LI -0.64%.


Fixed Income: Fitch assigns a B- issuer default rating to Rise
Metals and Mining: FXPO and SGOK decrease production M-o-M in October
Agriculture: Mriya plans to increase its landbank to 650,000 ha by 2013

Tuesday, November 2, 2010

Daily Market Brief

Market Comment

It was a seesaw day on for Ukrainian equity markets Monday (Nov 1). The UX exchange closed 0.36% higher with gains in the banking sector (BAVL +1.48%, USCB +2.66%) offsetting losses for in metals and mining shares (ALMK -4.25%, AVDK -1.68%, AZST -1.31%, YASK -1.85%). Trading activity was moderate – total volume came in at UAH 94 mln. Motor Sich (MSICH) and Ukrnafta (UNAF +2.13%) outperformed the market, while Ukrtelecom (UTLM -0.97%) and GenCos (CEEN -1.33%, ZAEN -0.62%) turned lower.

Ukrainian stocks listed on international markets closed mixed. Ferrexpo (FXPO LN) rebounded after its recent loss to close 3.12% higher. Among oil and gas names, Regal Petroleum (RPT LN) slid 1.59%, JKX Oil & Gas (JKX LN) added 0.21%, and Cadogan Petroleum (CAD LN) closed flat. Food processing stocks extended losses: MHPC LI -1.27%, KER PW -1.19%.


Fixed Income: Fitch assigns a B- credit rating to Mriya
Fixed Income: Ukraine’s sovereign agency sells Eurobonds for $568 m
Metals and Mining: Ukraine’s coke output rises 6% in October
Metals and Mining: Khartsyzsk Tube plant decreases production by 23% M-o-M in October
Agriculture: Ukraine considers lifting export quotas for countries having free trade agreements with Ukraine

Monday, November 1, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets swung between gains and losses Friday (Oct 29) . The UX exchange (+1.62) traded in the red, but reversed to gains closer to the end of the session. Trading volume was moderate and totaled UAH 90 mln. Motor Sich (MSICH) and Ukrnafta (UNAF) showed remarkable gains adding 4.02% and 3.85% respectively. Metals and mining stocks closed mixed: ALMK -0.8%, AVDK -1.83%, AZST +0.66%, ENMZ -0.03%, YASK unch. Banks (BAVL +0.78%, USCB +1.64%) and GenCos (CEEN +0.75%, ZAEN +0.56%) moved higher, Ukrtelecom (UTLM) advanced +0.94%.
Most stocks listed on international exchanges followed a negative trend with Ferrexpo (FXPO -2.23%) setting the pace. Oil and Gas names ranked losses with Regal (RPT LN) declining 1.56%, JKX Oil and Gas (JKX LN) dropping 0.39%. Food processing stocks also lost ground: KER PW -1.19%, MHP LI -0.06%.


Macro: Budget deficit reaches UAH52.8 bln
Fixed Income: Nadra Bank needs UAH8.3 bln in new capital
Metals and Mining: Ukraine’s steelmakers fail to meet output target for October
Agriculture: Ivano-Frankivsk Region to almost triple the sown area under sugar beet

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