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Tuesday, February 8, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets started the week with an upwards surge Monday (Feb. 7), lifted by further global optimism towards economic growth and declining tensions in Egypt. The UX exchange added 0.84% on a modest equity trading volume of UAH 198 mln. Stirol (STIR +2.38%) leapt ahead of the market on the back of news concerning production capacity expansion. Another top gainer was Alchevsk Steel (ALMK +2.45%), while other steel producers advanced only moderately: ENMZ +1.14%, AZST +0.98%. Coke producers kept up a solid growth pace, with Yasynivka Coke (YASK) up 1.79% and Avdiivka (AVDK) gaining 1.4%. Ukrnafta (UNAF +1.2%) and banking names (USCB +1.07%, BAVL +0.91%) followed suit. Ukrtelecom (UTLM -0.25%) was the only blue chip to trade against the market. Other liquid stocks ended trading with insignificant gains under one percent.

Ukrainian companies listed on international markets showed overall positive dynamics yesterday. In London, Cadogan Petroleum (CAD LN +9.37%) soared once again, and JKX Oil & Gas (JKX LN +1.21%) rose steadily. Ferrexpo (FXPO LN +1.53%) tacked on a notable gain, while MHP (MHPC LI +0.26%) closed just in the black. In Warsaw, Kernel (KER PW +3.86%) surged, Astarta (AST PW +1.13%) stepped firmly into positive territory, and Agroton (AGT PW -0.56%) shed a bit.

Macro: Ukraine’s CPI inflation down to 8.2% Y-o-Y in January
Metals and Mining: Alchevsk Coke restores coal purchases

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