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Wednesday, February 23, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets slipped into the red on Tuesday (Feb. 22). The UX exchange lost 0.86% as equity trading volume remained high at UAH 252 mln. Among steel stocks, Azovstal (AZST -2.58%) and Enakievo Steel (ENMZ -2.68%) took severe blows, while Alchevsk Steel (ALMK +0.6%) managed to further its advance. Motor Sich (MSICH -2.18%) ended the day with a sharp drop. GenCos (CEEN -2.26%, ZAEN -1.68%) slid significantly, while losses for the banking sector (USCB -1.07%, BAVL -0.67%) and coke producers (AVDK -0.91%, YASK -0.67%) came in at moderate levels. Ukrnafta (UNAF +0.83%) and Ukrtelecom (UTLM +0.9%) withstood the general selling pressure and posted modest gains.

In London, Regal Petroleum (RPT LN +1.01%) pushed forward, while Cadogan Petroleum (CAD LN -7.14%) underwent a severe correction following a streak of massive gains. JKX Oil & Gas (JKX LN -0.99%) inched down. Both Ferrexpo (FXPO LN -0.71%) and MHP (MHPC LI -0.97%) dropped slightly. In Warsaw, Astarta (AST PW -4.49%) continued to drown, Kernel (KER PW -2.43%) made an about-face and Agroton (AGT PW -0.44%) shed a bit.


Oil & Gas: Ukraine to float its oil and gas holding

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