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Wednesday, March 9, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets experienced volatile trading on Friday (Mar. 4). While the PFTS managed to close in the black, the UX exchange slipped by 0.02%. Total equity trading volume on the UX amounted to UAH 196 mln. The impressive gain by Ukrtelecom (UTLM +3.82%) was not enough to keep the index afloat, as significant losses by metals and mining names (ENMZ -2.32%, AZST -2.03%, ALMK -1.67%, YASK -1.38%, AVDK -1.28%) took their toll. Meager losses came in for Ukrnafta (UNAF -0.17%) and Motor Sich (MSICH -0.4%). Banks ended the day with mixed results: Raiffeisen Bank Aval (BAVL +0.31%) made a slight advance, while Ukrsotsbank (USCB -0.73%) inched down. Among electricity generating companies, Zakhidenergo (ZAEN +0.59%) ended trading in positive territory, while Centerenergo (CEEN -0.01%) closed out flat.

In London yesterday (Mar. 8), JKX Oil & Gas (JKX LN +0.72%) managed to eke out a gain, while both Cadogan Petroleum (CAD LN) and Regal Petroleum (RPT LN) closed flat. Ferrexpo (FXPO LN -2.16%) experienced a notable drawback, while MHP (MHPC LI +1.84%) took a step up. In Warsaw, Agroton (AGT PW +1.01%) stood out among its Ukrainian peers, Kernel (KER PW +0.06%) could not make significant progress and Astarta (AST PW -0.57%) took a small tumble.

Fixed Income/Agriculture: Avangard reports upbeat financials for FY10
Metals and Mining: Azovstal deepens quarterly losses to $33 mln

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