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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

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