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Monday, January 31, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets spent the trading session in the red on Friday (Jan. 28). The PFTS managed to eke out a gain, while the UX exchange lost 0.77% on a meager total trading volume of UAH 135 mln. Banking names led the slide on the UX with Raiffeisen Bank Aval (BAVL –2.47%) and Ukrsotsbank (USCB -2.46%) tumbling along matching dynamics. Metals and mining names (ALMK -3%, YASK -1.73%, ENMZ -1.57%, AZST -1.52%, AVDK -0.51%) took on a hefty portion of the day’s losses. Among blue chips, Zakhidenergo (ZAEN +1.1%) and Ukrnafta
(UNAF +0.9%) managed to close in positive territory.

In London, JKX Oil & Gas (JKX LN +0.04%) barely crossed the flat line and Cadogan Petroleum (CAD LN) closed flat. Ferrexpo (FXPO LN +2.94%) swelled, while MHP (MHPC LI -0.26%) shed. In Warsaw, agricultural and food processing stocks fell, with Agroton (AGT PW -2.21%) taking the biggest blow, and Kernel (KER PW -1.04%) and Astarta (AST PW -0.4%) posting more moderate losses.

Macro: Current account deficit widens to 1.9% of GDP in 2010
Fixed Income: PrivatBank reports 30.4% Y-o-Y increase in bottom line

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