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Monday, February 28, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets made a triumphant recovery on Friday (Feb. 25). The UX exchanged captured most of the ground lost during the previous trading session with an impressive 4.64% advance. Equity trading volume was moderate at UAH 239 mln. Ukrnafta (UNAF +7.91%) sprang back to life. Coke producers (YASK +5.81%, AVDK +4.38%) and Motor Sich (MSICH +4.6%) also demonstrated strong revivals. Banks (BAVL +4.33%, USCB +4.1%) surged, but could not undo all the damage taken on in previous sessions. Metals and mining names (AZST +3.40%, ENMZ +2.94%, ALMK +2.43%) grew moderately, compensating for the sell-off. GenCos (CEEN +2.22%, ZAEN +1.36%), on the other hand, made a half-hearted recovery. Ukrtelecom (UTLM +2.15%) continued to stride forward confidently, with a result supported by the general uplift.

In London, Regal Petroleum (RPT LN +0.66%) closed in the black, JKX Oil & Gas (JKX LN +2.6%) pushed forward strongly, but the real champion was Cadogan Petroleum (CAD LN +10.92%). Ferrexpo (FXPO LN +3.12%) made a significant jump, while the session did not end well for MHP (MHPC LI -1.28%). In Warsaw, Astarta (AST PW +5.24%) starred, while Kernel (KER PW +0.96%) and Agroton (AGT PW +0.76%) lagged with meager gains.

Macro: Current account reverses to surplus in January
Metals and Mining: Alchevsk Coke to increase daily production by 13% in March
Metals and Mining: Ferrexpo to double railcar fleet by 2013

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