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Monday, December 13, 2010

Daily Market Brief

Market Comment

Ukrainian equity markets traded sideways for most of Friday (Dec. 10). The UX exchange closed the week with a gain of 0.48% on a moderate total trading volume of UAH 156 mln. The index was led by a rally in Motor Sich (MSICH +3.95%), a solid rise for Yasynivka Coke (YASK +1.8%) and impressive advances in Stirol (STIR +4.7%) and Stahanov Car Production Facility (SVGZ +4.99%). As for other liquid stocks, only Ukrnafta (UNAF +0.36%), Ukrsotsbank (USCB +0.4%) and Forum Bank (FORM +0.82%) managed to close in positive territory. Metals and mining names posted notable losses led by Alchevsk Steel (ALMK -3.21%) and Enakievo Steel (ENMZ -1.56%), and followed by Avdiivka Coke (AVDK -0.6%) and Azovstal (AZST -0.94%). Investors fixed profits on Ukrtelecom (UTLM -1.67%).

Among Ukrainian companies listed on international markets, Regal Petroleum (RPT LN) stole the spotlight – the stock surged 31.08% as the Board recommended shareholders accept the takeover offer by Energees Management Ltd. Cadogan Petroleum (CAD LN +1.18%) posted a modest gain and JKX Oil & Gas (JKX LN -0.19%) dipped slightly. Ferrexpo (FXPO LN) inched up 0.11%, while MHP (MHPC LI) lost 0.89%. In Warsaw, Astarta (AST PW) plummeted 4.2%, Agroton (AGT PW) shed 0.26% and Kernel (KER PW) closed flat.

Macro: Ukraine’s cabinet contracts fiscal deficit for 2011
GenCos: Ukrainian President unblocks privatization of GenCos
Metals and Mining: Enakievo Steel to commission new blast furnace in July 2011