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Monday, March 21, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets rose along with major European indexes Friday (Mar. 18). The UX exchange climbed steadily throughout the day to add 2.55%. Total equity trading volume came in at a moderate UAH 191 mln – typical for the last session of the week. Motor Sich (MSICH) stole the show once again, rising 5.29% on a hefty volume. Metals and mining stocks (ALMK +5.59%, AZST +4.37%, AVDK +3.84%, ENMZ +4.68%, YASK +1.85%) surged for a second straight session. Ukrainian electricity generators made impressive ascents, with Centerenergo (CEEN +2.35%) and Donbasenergo (DOEN +2.35%) tacking on to gains, and Zakhidenergo (ZAEN +1.57%) making a noteworthy turnaround. Banks (BAVL +1.92%, USCB +3.39%) ratcheted up, and Ukrnafta (UNAF +0.63%) made a late session push into the black. Support for Ukrtelecom (UTLM) waned, with the stock shedding 0.77%.

In London, Ukrainian oil and gas names closed mixed: JKX Oil & Gas (JKX LN +0.87%) posted a meager gain, Regal Petroleum (RPT LN -1.56%) stepped down a notch, and shares of Cadogan Petroleum (CAD LN -5.73%) plummeted. Ferrexpo (FXPO LN +2.54%) continued to catch investors’ attention, while MHP (MHPC LI -0.06%) closed just shy of the flat line. In Warsaw, Astarta (AST PW -0.06%) and Kernel (KER PW -0.37%) finished the session slightly lower and Agroton (AGT PW) closed flat.

Fixed Income: Ukraine contemplates ruble bond issue
Metals and Mining: Yasynivka Coke’s net profit increases in 4Q10

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