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Monday, September 13, 2010

Daily Market Brief

Market Comment

Ukrainian stock exchanges closed lower Friday (Sep. 10), trading in the opposite direction of European markets. The UX exchange (-0.52%) fell sharply from the opening and spent the entire session in the doldrums. Total trading volume came in at a moderate UAH 64 mln. Raiffeisen Bank Aval (BAVL +0.14%) and Zakhidenergo (ZAEN +0.02%) managed to eke out gains, while all other stocks in the index basket slumped. Sumy Frunze (SMASH -1.46%) and Stirol (STIR -2%) led the fall with minor losses observed for steel names (AZST -0.69%, ENMZ -0.71%), miners (AVDK -0.42%, YASK -1%), and utilities (CEEN -0.27%, UTLM -0.78%). Avdiivka Coke (AVDK -0.42%) swapped hands most actively – the stock topped the board with a total trading volume of UAH 12.7 mln.

Ukrainian shares listed on international markets turned in a mixed performance Friday. Cadogan Petroleum (CAD LN) stole the show, surging 7.58%. Regal Petroleum (RPT LN +2.48%) also reported an impressive gain, and JKX Oil & Gas (JKX LN +0.22%) managed to creep into positive territory. Ferrexpo (FXPO LN -0.13%) dipped slightly. Food-processing names closed mixed: MHPC LI -0.07%, KER PW +3.97%, AST PW -0.34%.

The Ukrainian Eurobond market was relatively active Friday. The session’s biggest loser was NAFTO, which fell nearly half a point. The entire sovereign curve traded down, dipping a quarter of a point. Corporates remained flat with banking issues EXIMUK 16 and FIUKR in solid demand.

Fixed Income: Ukrainian government considers new VAT bonds
Metals and Mining: Khartsyzsk Pipe boosts export to Russia
Machinery: Motor Sich to partner up with Russian Ministry of Defense