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Tuesday, September 28, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed Monday (Sep 27). The UX exchange opened lower and forged a sideways trend throughout the day to close 0.24% down. Activity remained relatively weak in the absence of driving news - trading volume totaled UAH 50 mln. With the exception of Enakievo (ENMZ +0.43%), all metals and mining stocks (ALMK -0.12%, AVDK -0.52%, AZST -0.18%) lost ground with Yasynivka Coke (YASK -1.75%) setting the pace. Ukrnafta (UNAF -0.02%), Raiffeisen Bank Aval (BAVL -0.09%), GenCos (CEEN +0.15%, ZAEN +0.19%) and Ukrsotsbank (USCB +0.07%) hovered around the baseline.

Ukrainian stocks listed on international markets traded in the red. Cadogan Petroleum (CAD LN) came under selling pressure, losing 4.88% for the session. Regal Petroleum (RPT LN -2.68%) extended losses, while JKX (JKX LN unch) closed unchanged. Other London-listed stocks lost a fraction: FXPO LN -0.17%, MHPC LI -0.33%. Food processing names traded in Warsaw ended lower: AST PW -0.19%, KER PW -1.49%.

It was a quiet day on the Ukrainian Eurobond market. Investors zeroed in on sovereign issues, which closed slightly lower. Corporates remained flat with meager demand observed for MHPSA. In the banking universe, FIUKR and EXIMUK 16 recorded minor action.

Fixed Income: VAB Bank reveals 1H10 IFRS results