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Thursday, February 3, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets experienced an uplift Wednesday (Feb. 2) on the back of positive domestic corporate developments. The UX exchange posted an impressive 2.53% gain on an unprecedented trading volume of UAH 350 mln. It was Motor Sich’s (MSICH) day; the stock shot up 10.62% after its FY10 results came out much better than expected. Among other top gainers, Ukrtelecom (UTLM) starred with a 3.12% rise and Ukrnafta (UNAF) climbed 1.94%. The banking sector (BAVL +0.8%, USCB +1.5%) and Centerenergo (CEEN +1.27%) posted moderately positive results. Metals and mining companies closed mixed. Yasynivka Coke (YASK +1.17%), Azovstal (AZST +1.09%), Enakievo (ENMZ +0.84%), Avdiivka Coke (AVDK +0.56%) all managed to gain, while Alchevsk Steel (ALMK -0.53%) closed in the red. Another blue chip that moved against the market was Zakhidenergo (ZAEN -0.16%).

In London, Cadogan Petroleum (CAD LN +12.9%) kept flying higher, while JKX Oil & Gas (JKX LN +1.02%) solidified its gains. Both Ferrexpo (FXPO LN +1.34%) and MHP (MHPC LI +0.77%) posted moderate advances. In Warsaw, Astarta (AST PW -0.32%) and Agroton (AGT PW -0.27%) closed in negative territory, but Kernel (KER PW +0.06%) just crossed over the flat line.

Fixed Income: Fitch assigns B rating to Ukreximbank’ hryvnia-linked notes
GenCos: Ukraine eyes privatization of GenCos in 2Q11
Metallurgy: Ukrainian steelmakers stand firm in January
Metals and Mining: Ferrexpo decreases pellet output in January by 3% M-o-M
Metals and Mining: Yasynivka Coke to maintain daily production in February

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