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Tuesday, December 28, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets traded in the red for most of Monday (Dec. 27). However, the UX exchange jumped into positive territory near the close and managed to gain 0.29%. Activity eased with total trading volume coming in at UAH 179 mln. Yasynivka Coke (YASK) shot up 8.33% on the back of news concerning the commissioning of a new battery. Banks were also among the leaders: Raiffeisen Bank Aval (BAVL) soared 4.32% and Ukrsotsbank (USCB) advanced a solid 2.33%. The only other gainers were Azovstal (AZST +0.11%) and Zakhidenergo (ZAEN +0.32%). Investors fixed profits on Alchevsk Steel (ALMK -0.27%) and Enakievo Steel (ENMZ -0.84%). The rest of the board suffered insignificant losses under one percent.


Macro: NBU targets 8.9% CPI inflation in 2011
Metals and Mining: North Ore Mining and Processing Plant to build up output in 2011

Monday, December 27, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets experienced a solid uplift on Friday (Dec. 24). The UX exchange climbed an impressive 2.15% on a high total trading volume of UAH 228 mln. Metals and mining stocks led the rally, with Alchevsk Steel (ALMK) and Enakievo Steel (ENMZ) soaring 8.77% and 5.62% respectively. Yasynivka Coke (YASK +3.7%), Azovstal (AZST +2%) and Avdiivka Coke (AVDK 0.8%) followed the upward shift. Solid advances were also made by Centerenergo (CEEN +3.01%), Ukrtelecom (UTLM +2.94%) and Ukrnafta (UNAF +2.65%). Other blue chips closed with moderate gains under one percent. The only stock in the index basket to trade against the market was Zakhidenergo (ZAEN -0.43%).

Macro: Ukraine’s capital inflows fail to cover current account deficit
Metals and Mining: Yasynivka Coke to fire up coke battery No. 4

Friday, December 24, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets rose steadily on Thursday (Dec. 23). By the end of the session, the UX exchange had climbed an impressive 2.36%. Total trading volume came in at UAH 274 mln. Two stocks stood out on the day: Ukrnafta (UNAF) posted a monstrous 11.09% jump and Alchevsk Steel (ALMK) drove up by 8.33%. Gains of other blue chips were humble. Banks (BAVL +0.31%, USCB +0.64%) inched up, Yasynivka Coke (YASK +0,75%) made a slight advance, and Centerenergo (CEEN +0.14%) broke even. The rest of the board posted meager losses under one percent.

On international markets, both Regal Petroleum (RPT LN ) and Cadogan Petroleum (CAD LN ) closed flat, while JKX Oil& Gas (JKX LN +0.09%) showed a slight advance. Both Ferrexpo (FXPO LN -0.59%) and MHP (MHPC LI -0.87%) corrected. In Warsaw, Astarta (AST PW +2.34%) maintained an upward course, investors fixed profits on Kernel (KER PW -2.54%), and Agroton (AGT PW) closed flat.


Macro: Ukraine’s Parliament passes budget for 2011

Monday, December 13, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets traded sideways for most of Friday (Dec. 10). The UX exchange closed the week with a gain of 0.48% on a moderate total trading volume of UAH 156 mln. The index was led by a rally in Motor Sich (MSICH +3.95%), a solid rise for Yasynivka Coke (YASK +1.8%) and impressive advances in Stirol (STIR +4.7%) and Stahanov Car Production Facility (SVGZ +4.99%). As for other liquid stocks, only Ukrnafta (UNAF +0.36%), Ukrsotsbank (USCB +0.4%) and Forum Bank (FORM +0.82%) managed to close in positive territory. Metals and mining names posted notable losses led by Alchevsk Steel (ALMK -3.21%) and Enakievo Steel (ENMZ -1.56%), and followed by Avdiivka Coke (AVDK -0.6%) and Azovstal (AZST -0.94%). Investors fixed profits on Ukrtelecom (UTLM -1.67%).

Among Ukrainian companies listed on international markets, Regal Petroleum (RPT LN) stole the spotlight – the stock surged 31.08% as the Board recommended shareholders accept the takeover offer by Energees Management Ltd. Cadogan Petroleum (CAD LN +1.18%) posted a modest gain and JKX Oil & Gas (JKX LN -0.19%) dipped slightly. Ferrexpo (FXPO LN) inched up 0.11%, while MHP (MHPC LI) lost 0.89%. In Warsaw, Astarta (AST PW) plummeted 4.2%, Agroton (AGT PW) shed 0.26% and Kernel (KER PW) closed flat.


Macro: Ukraine’s cabinet contracts fiscal deficit for 2011
GenCos: Ukrainian President unblocks privatization of GenCos
Metals and Mining: Enakievo Steel to commission new blast furnace in July 2011

Friday, December 10, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed on an upswing Thursday (Dec 9). The UX exchange gained a solid 1.52% on a moderate total trading volume of UAH 161 mln. Motor Sich (MSICH) was definitely the center of attention – the stock soared 8.55%. Other top names to post notable gains included Yasynivka Coke (YASK+1.89%) and Alchevsk Steel (ALMK+1.37%). Remaining metals and mining stocks showed mixed dynamics with insignificant results. Ukrnafta (UNAF -0.16%) and Ukrtelecom (UTLM -0.29%) slid, banks (BAVL -0.37%, USCB -0.3%) dipped slightly, and GenCos (ZAEN, CEEN) closed flat.

Ukrainian companies on international markets showed widely mixed results. In London, Regal Petroleum (RPT LN +21.31%) made a steep recovery. Other oil and gas companies tacked on moderate losses: JKX LN -0.62%, CAD LN -1.16%. Ferrexpo (FXPO LN) kept its correction going with a 2.73% slide. MHP (MHPC LI) added to the previous session’s sharp decline with a 1.41% loss, as the company completed its GDR offering. In Warsaw, Astarta (AST PW) advanced 0.75%, Agroton (AGT PW) inched up 0.1%, and investors fixed profits on Kernel (KER PW -6.47%).


Fixed Income: BNP Paribas gains full control over UkrSibbank
Metals and Mining: Ferrexpo signs long-term agreement with JFE

Wednesday, December 8, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets opened higher yesterday (Dec. 7) on the back of upbeat sentiment on European markets. The UX exchange surged in the first half of the day, but corrected slightly in the afternoon to close with a 0.66% rise. Total trading volume reached UAH 172 mln. The main contributor to index growth was Ukrtelecom (UTLM +2.92%) once again. Stock prices also hiked for Yasynivka Coke (YASK +2.79%) and Enakievo Steel (ENMZ +2.39%), while other metals and mining companies posted more modest gains: ALMK +0.53%, AVDK +0.07%, AZST +0.32%. Other top companies to put on notable growth included Ukrsotsbank (USCB), which added a solid 1.42%, and Ukrnafta (UNAF), which inched up 0.6%. The only blue chips to trade against the market trend were Raiffeisen Bank Aval (BAVL -0.2%) and Zakhidenergo (ZAEN -0.42%).

Ukrainian companies listed on international markets showed mixed dynamics yesterday. In London, Regal Petroleum (RPT LN -3.23%) and Cadogan Petroleum (CAD LN -1.11%) slid, while JKX Oil & Gas (JKX LN +0.38%) crept up. Ferrexpo (FXPO LN) added a solid 1.36% and MHP (MHPC LI) shot up 3.54%. In Warsaw, listed Ukrainian stocks reported losses across the board: AST PW -0.71%, AGT PW -1.56%, KER PW -1.79%.


Macro: Ukraine’s net demand for FX eases in November
Macro: Inflation in Ukraine decelerates to 9.2% Y-o-Y
Oil & Gas: Ukrnafta may lease chemical plant

Tuesday, December 7, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower yesterday (Dec. 6) as global markets faced uncertainty. Following a first half slide, the UX exchange (-0.01%) made an about face and nearly crept back into positive territory. Total trading volume came in at a moderate UAH 120 mln. Index losses were meager thanks in part to significant gains in Ukrtelecom (UTLM +2.50%), Stirol (STIR +2.07) and Zakhidenergo (ZAEN +1.9%). Ilyich Iron and Steel Works (MMKI +1.61%) and Alchevsk Steel (ALMK+0.06%) managed to close in the black. Other metals and mining names corrected: AZST -1.66%, YASK -1.32%, ENMZ -1.13%, AVDK -0.16%. The remainder of blue chips took on slight losses of under one percent.

Ukrainian companies listed on international markets posted mixed results. JKX Oil & Gas (JKX LN +0.98%), Cadogan Petroleum (CAD LN +5.88%) and Regal Petroleum (RPT LN +1.64%) reversed to gains. Ferrexpo (FXPO LN -0.64%) and MHP (MHPC LI -0.16%) failed to breakeven. In Warsaw, Agroton (AGT PW +0.31%) kept climbing, Kernel (KER PW +1.52%) made a solid advance, and Astarta (AST PW) closed flat.

Metals and Mining: Enakievo Steel to unite with Metinvest rolling mill

Monday, December 6, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets opened higher on optimistic expectations Friday (Dec. 3); however, disappointing employment data out of the US led to the UX exchange stepping down a notch to end the day with a meager 0.23% rise. Total trading volume reached UAH 193 mln. Ukrtelecom (UTLM +2.25%) continued on its way up. Metals and mining stocks were among other top gainers, with Yasynivka Coke (YASK) shooting up 4.53%, and Azovstal (AZST) and Enakievo Steel (ENMZ) adding a solid 3.29% and 2.71% respectively. Only Alchevsk Steel (ALMK -1.05%) closed in the red. Most other top-tier names took on losses: Zakhidenergo (ZAEN) tumbled 4.08%, Ukrsotsbank (USCB) lost 1.13%, and investors continued to fix profit on Ukrnafta (UNAF -0.89%).

Ukrainian companies listed on international markets showed mixed dynamics. London-listed oil and gas stocks suffered notable losses. Regal Petroleum (RPT LN -10.29) saw its stock plummet as investors have lost faith in the company restoring licenses following the rejection of its legal appeal in a Ukrainian court. JKX Oil & Gas (JKX LN -2.25%), and Cadogan Petroleum (CAD LN -2.3%) slid. Ferrexpo (FXPO LN -0.43%) and MHP (MHPC LI -0.65%) chartered a minor downward course. In Warsaw, Astarta (AST PW-0.53%) closed in the red, while Agroton (AGT PW +3.23%) continued building up significant growth.


Politics: Ukraine gets a new Tax Code
Fixed Income: Green light for Naftogaz-Gazprom joint ventures

Wednesday, December 1, 2010

Daily Market Brief

Market Comment

Volatile trading was observed on Ukrainian equity markets yesterday (Nov. 30). The UX exchange chartered a downward trajectory in the first half of the session, but recovered losses in the second half to close 0.39% higher. Total trading volume remained high and reached UAH 167 mln. Ukrnafta (UNAF) was the stock of the day, adding to its succession of gains by posting a rise of 4.42%. Only a few other names closed in positive territory including Zakhidenergo (ZAEN +0.94%) and Ukrsotsbank (USCB +0.11%). With the exception of Yasynivka Coke (YASK +0.29%) and Alchevsk Steel (ALMK +0.12%), metals and mining stocks extended losses: AZST-0.23%, ENMZ -0.84%, AVDK -0.72%. Ukrtelecom (UTLM -1.83%) continued to lose ground. Other top names mirrored the general downward trend: BAVL -1.11%, CEEN -0.5%.

Among Ukrainian stocks listed on international markets, JKX Oil & Gas (JKX LN +0.16%) closed in the black, while Cadogan Petroleum (CAD LN -1.19%) reversed to losses, and investors continued to fix profits on Regal Petroleum (-7.35%). Ferrexpo (FXPO LN) traded in the red, losing 2.07%. The trend was reversed for agriculture and food processing stocks. Only Agroton lost in price (AGT PW -0.63%), while MHP (MHPC LI +1.38%) and Astarta (AST PW +2.95%) posted solid gains, and Kernel (KER PW +6.35%.) soared.


Metals and Mining: Spot prices for iron ore return to April’s highs

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