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Tuesday, August 17, 2010

Daily Market Brief

Market Comment

Strong volatility was observed on Ukrainian markets Monday (Aug 16). The UX exchange seesawed throughout the day and closed up 0.06% on a late-session surge. Total equity trading volume was thin at UAH 57 mln. Metals and mining stocks struggled into the black: ALMK +1.69%, AVDK +0.85%, AZST +0.32%, ENMZ +0.25%, YASK +0.06%. Guarded trading for GenCos (CEEN +0.28%, ZAEN +0.09%) pushed stocks slightly higher. Raiffeisen Bank Aval (BAVL +0.20%) gained a fraction, while Ukrsotsbank (USCB) dropped 0.44%. Motor Sich (MSICH) and Ukrtelecom (UTLM) came under selling pressure, losing 0.79% and 0.49% respectively. Ukrnafta (UNAF +0.44%) was the session’s volume leader with UAH 9.7 mln in trades.

Ukrainian stocks listed on international markets closed mixed. Astarta (AST PW) dropped 0.78%, Ferrexpo (FXPO LN) slid 0.59% and JKX Oil & Gas (JKX LN) shed 0.41%. Cadogan (CAD LN) and MHP (MHPC LI) finished flat. Kernel (KER PW +1.61%) was the only stock to advance.

The Ukrainian Eurobond market started the week off slow. Sovereigns and NAFTO closed unchanged. EXIMUK traded down during the session, closing 0.375 p.p. lower. Among corporate names, some action was recorded for MHPSA, which closed stronger by about a half a point.

The Russian market also recorded low activity Monday. Sovereign issues closed flat. In the corporate sector, EVRAZ, GAZPRU and VEB closed flat on limited action.

Pricing for the Belorussian sovereign issue went unchanged throughout the day.

Macro: Ukraine’s GDP grows 6% Y-o-Y
Agriculture: Landkom expects $2.8 mln in gross profit from rapeseed