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Monday, March 14, 2011

Daily Market Brief

Market Comment

Ukrainian stock markets were open for trading Saturday (Mar. 12) to make up for the day off taken earlier in the week in connection with a local holiday. The UX exchange opened higher, but slid throughout the session to close with a 1.76% decline. Total equity trading volume was expectedly weak at UAH 137 mln. Ukrnafta (UNAF -6.94%) dropped sharply for a second straight session. Metals and mining stocks closed mixed: ALMK -0.5%, AVDK +0.9%, YASK +1.09%, ENMZ -1.02%. Banks (USCB -0.24%, BAVL -0.5%) posted meager losses. Volume leader Motor Sich (MSICH +0.62%) found support, Ukrtelecom (UTLM -1.09%) dimmed, and GenCos (ZAEN -0.43%, DOEN +0.29%, CEEN +0.29%) traded in opposite directions.

Local stock markets took on notable losses Friday (Mar. 11), as negative sentiment resulting from the devastating earthquake and tsunamis in Japan spread around the globe. The UX exchange tumbled more than 80 points in the early hours of trading, but settled in the afternoon to close lower by 1.85%. Total equity trading volume was high at UAH 260 mln. Ukrnafta’s (UNAF -4.13%) sharp fall weighed heavily on the index. Most metals and mining names (ALMK -0.74%, AVDK -1.37%, AZST -0.63%, ENMZ -0.63%) continued their losing streaks, while Yasynivka Coke (YASK +1.62%) made a strong late-session surge into the black. Banking stocks (BAVL -2.13%, USCB -0.75%), GenCos (CEEN -1.47%, DOEN -2.8%, ZAEN -1.57%), Motor Sich (MSICH -1.23%) and Stirol (STIR -1.83%) were not immune to the selloff. Ukrtelecom (UTLM +1.02%) bucked the market’s downward trend on the back of news that Epic Financial Consulting Gesellschaft had completed a deal with Ukrainian authorities to purchase a near 93% stake in the company.

In London on Friday, only Cadogan Petroleum (CAD LN +1.6%) and Ferrexpo (FXPO LN +1.4%) emerged in positive territory. Regal Petroleum (RPT LN -1.25%), JKX Oil & Gas (JKX LN -2.32%) and MHP (MHPC LI -1.04%) continued to fall. In Warsaw, Astarta (AST PW-0.63%) slowed its tumble, while the negative pace of Kernel (KER PW -1.35%) and Agroton (AGT PW -3.14%) continued to accelerate.

Politics: Ukrainian Supreme Court Chairman survives sack attempt
Fixed Income: Naftogaz reports UAH 21.4 bln net loss in 2010
Metals and Mining: Avdiivka Coke posts $2.8 mln in net losses for 2010

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