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Thursday, March 10, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets experienced significant downturns on Wednesday (Mar. 9). The UX exchange lost 1.29%, with total equity trading volume dropping to UAH 164 mln. Steelmakers took on the roles of loss leaders: Azovstal (AZST -3.78%), Enakievo Steel (ENMZ -3.76%) and Alchevsk Steel (ALMK -2.16%) all experienced severe falls. Additional drag was dumped on by coke producers (AVDK -1.43%, YASK -1.11%), Ukrtelecom (UTLM -1.94%), Motor Sich (MSICH -1.9%) and Centerenergo (CEEN -1.87%). Zakhidenergo (ZAEN -0.24%) and Raiffeisen Bank Aval (BAVL -0.68%) made shallow swoops into the red. Meanwhile, Ukrnafta (UNAF) closed flat and Ukrsotsbank (USCB +0.38%) managed to end the session in positive territory.

Ukrainian companies lost across the board on international markets. In London, Cadogan Petroleum (CAD LN -8.01%) cut back sharply, Regal Petroleum (RPT LN) dropped 1.23% and JKX Oil & Gas (JKX LN -0.81%) closed with a small tumble. Ferrexpo (FXPO LN -3.72%) took another blow, while MHP (MHPC LI -0.05%) ended a pinch below the flat line. In Warsaw, Astarta (AST PW -6.39%) gave back the bulk of previous sessions’ growth, Kernel (KER PW -1.33%) sunk, and Agroton (AGT PW -0.24%) dimmed slightly.

Macro: Headline inflation for Ukraine down to 7.2% Y-o-Y in February

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