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Friday, October 1, 2010

Daily Market Brief

Market Comment

A bearish mood prevailed on Ukrainian equity markets Thursday (Sep. 30). The UX exchange fell 0.68% led by a decline in shares of metals and mining (ALMK -1.17%, AVDK -1.17%, AZST -0.37%, ENMZ -0.87%, YASK -1.35%) and banks (BAVL -1.40%, USCB -2.75%). Total trading volume was high for a second straight session, reaching UAH 94 mln. GenCos closed mixed with Centerenergo (CEEN) losing 1.15% and Zakhidenergo (ZAEN) jumping 1.67%. Among other top-tier names, Motor Sich (MSICH) dropped 0.69%, Ukrtelecom (UTLM) slid 1.89% and Ukrnafta managed to add 0.02%.

The big story among Ukrainian names listed on international markets was Regal Petroleum (RPT LN). The stock plunged 27.34% on news that the Ukrainian government has suspended the company’s operations. It was business as usual for other oil and gas companies; JKX Oil & Gas (JKX LN) dropped 0.34% and Cadogan Petroleum (CAD LN) closed unchanged. Among other London-listed shares, Ferrexpo (FXPO LN) advanced 2.66% and MHP (MHPC LI) shed 0.66%. In Warsaw, Astarta (AST PW) declined 0.79% and Kernel (KER PW) finished flat.

All was quiet on the Ukrainian Eurobond market yesterday. Sovereigns traded flat for the bulk of the session, but lost slightly in price near the closing bell. Corporates remained at the same level, while banking names continued to show steady demand.

Metals and Mining: Khartsyzsk Tube becomes approved supplier of European companies