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Thursday, February 24, 2011

Market Comment

Ukrainian equity markets sank lower Wednesday (Feb. 23). The UX index dropped 1.32% on a total trading volume of UAH 210 mln. Whopping downfalls by Centerenergo (CEEN -3.38%), Alchevsk Steel (ALMK -3.18%) and Ukrsotsbank (USCB -3.1%) were primarily responsible for the index’s drop. Raiffeisen Bank Aval (BAVL -0.99%) added to the drag. Motor Sich (MSICH -2.53%) continued a trend of sharp decline. Steelmakers Azovstal (AZST -0.86%) and Enakievo Steel (ENMZ -1.06%) kept their losses at a moderate level. Coke producers closed mixed: Yasynivka Coke (YASK -1.51%) deepened its fall, while Avdiivka Coke (AVDK +1.27%) lunged forcefully into the black. Following days of growth juxtaposed to the index’s negative trend, Ukrtelecom (UTLM -0.61%) recorded a meager loss. Ukrnafta (UNAF +0.58%) defied the market once again, and Zakhidenergo (ZAEN +0.85%) turned positive side up.

In London, a positive result came in for Regal Petroleum (RPT LN +1.33%), while Cadogan Petroleum (CAD LN -2.56%) kept rolling downhill and JKX Oil & Gas (JKX LN -0.33%) lingered just below the flat line. Ferrexpo (FXPO LN -3.48%) came under severe selling pressure and MHP (MHPC LI -1.34%) intensified it recent loss dynamics. In Warsaw, Astarta (AST PW +0.74%) emerged from the previous session’s slump, while Kernel (KER PW -0.44%) slid, and Agroton (AGT PW -2.06%) swallowed a red pill.


Oil & Gas: Ukrnafta shareholders to appoint western CEO

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