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Tuesday, March 1, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets kept up the positive pace on Monday (Feb. 28). The UX exchange gained 2.31% on a solid equity trading volume of UAH 241 mln. Bulls flocked around Ukrnafta (UNAF) once again, bringing the stock up 4.99%. Impressive performances were put in by metals and mining names (AZST +3.64%, ALMK +2.73%, AVDK +2.43%, YASK +2.24%, ENMZ +1.66%). GenCos made significant advances, with Centerenergo (CEEN +3.74%) clearly in the lead and Zakhidenergo (ZAEN +1.1%) trailing by a length. Banking names (USCB +1.66%, BAVL +1.12%) recorded moderate growth, Motor Sich (MSICH) climbed 1.24%, and Ukrtelecom (UTLM +0.51%) slowed its winning pace.

In London, oil and gas names corrected slightly: Cadogan Petroleum (CAD LN -0.95%) and Regal Petroleum (RPT LN -0.33%) inched down, while JKX Oil & Gas (JKX LN -0.07%) dipped its toe just below the surface. Ferrexpo (FXPO LN +2.47%) made another leap, while MHP (MHPC LI +0.92%) advanced moderately. In Warsaw, Kernel (KER PW +4.61%) stole the show this time around, while Agroton (AGT PW +0.54%) and Astarta (AST PW +0.16%) closed just in the black.

Macro: Ukraine’s budget deficit at UAH 942 mln in January
Fixed Income: Forum Bank eyes Eurobond issue

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