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Wednesday, September 8, 2010

Daily Market Brief

Market Comment

Negative sentiment prevailed on Ukrainian equity markets Tuesday (Sep. 7). The UX exchange dipped 0.93% on a low total trading volume of UAH 55 mln. Led by steel producers (ALMK -1.63%, AZST -2.09%, ENMZ -1.35%) and banks (BAVL -1.53%, USCB -1.47%), most blue chips took on losses. Yasynivka Coke (YASK) was among the biggest laggards, dropping 2.40%. Profit taking was on the menu for other stocks including Centerenergo (CEEN -1.42%), Motor Sich (MSICH -0.93%) and Ukrnafta (UNAF -1.19%). Ukrtelecom (UTLM +0.14%) crept into positive territory along with Avdiivka Coke (AVDK +0.02%) and Zakhidenergo (ZAEN +0.02%).

Ukrainian stocks listed on the Warsaw Stock Exchange traded in the black with Astarta (AST PW) soaring 4.4% and Kernel (KER PW) rising 0.33%. Among London-listed shares only JKX Oil & Gas (JKX LN +0.42%) managed to eke out gains, while Cadogan (CAD LN -1.49%) and MHP (MHPC LI -1.08%) traded in the doldrums. Ferrexpo (FXPO) suffered the steepest drop, finishing 2.37% lower.

Ukrainian Eurobonds put in a weak performance yesterday. Naftogaz traded about a half a point lower, while Long end sovereign issues were down about a quarter of point on the day. In the corporate sector, trading was generally flat, with better bidding for FIUKR, AZOVTL and EXIMUK issues. DTEK closed slightly lower and Metinvest finished flat.

Politics: Ukraine’s Parliament gets back to work
Fixed Income: Kernel to issue Eurobonds