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Monday, January 10, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets kept up the positive trend on Thursday (Jan. 6). The UX exchange gained 2.43% as total trading volume for the half-day session came in at UAH 144 mln. The rally around metals and mining stocks continued: Azovstal (AZST +8.55%) skyrocketed, impressive gains were made by Avdiivka Coke (AVDK +7.67%), Enakievo Steel (ENMZ +7.56%) and Yasynivka Coke (YASK +7.34%), and Alchevsk Steel (ALMK +1.57%) ascended at a more moderate pace. Solid advances were made by GenCos (CEEN +2.58%, ZAEN +2.32%) and the banking sector (BAVL +2.01%, USCB +1.49%). Motor Sich (MSICH) added 1.24%, Ukrtelecom (UTLM +0.63%) advanced slightly, but Ukrnafta (UNAF -0.08%) just couldn’t manage to close in the black.

In London on Friday (Jan. 7), JKX Oil& Gas (JKX LN -10.55%) plummeted, Regal Petroleum (RPT LN -6%) tumbled and Cadogan Petroleum (CAD LN -1.18%) suffered notable losses. Ferrexpo (FXPO LN -0.31%) took a slight dip, while MHP (MHPC LI +0.28%) closed just over the flat line. In Warsaw, Kernel (KER PW +5.2%) made an impressive advance and Agroton (AGT PW +2.27% %) gained significantly, while Astarta (AST PW -0.86%) closed in the red.

Macro: Ukraine’s headline inflation at 9.1% Y-o-Y in 2010
Metals and Mining: Yasynivka Coke to reduce output in January by 4%
Agriculture: MHP announces partial execution of the “greenshoe” option

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