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Thursday, January 13, 2011

Daily Market Brief

Market Comment

Yesterday’s (Jan. 12) optimism on Ukrainian equity markets drove the UX exchange (+1.48%) to a new historic high. Trading volume reached UAH 206 mln. Prices shot up for Centerenergo (CEEN +4.10%) and steel makers: AZST+5.26%, ENMZ +3.95%, ALMK +2.68%. Significant advances were made by banking sector stocks: BAVL +2.32%, USCB +1.09%. After a two-day correction, coke producers (YASK +0.15%, AVDK +0.03%) managed to close in the black; trading also came in above the flat line for Ukrtelecom (UTLM +0.62%) and Ukrnafta (UNAF +0.02%). Motor Sich (MSICH -0.28%) and Zakhidenergo (ZAEN -1.37%) traded against the market.

On international markets, Regal Petroleum (RPT LN +4.04%) soared, while JKX Oil & Gas (JKX LN -0.34%) posted a moderate loss and Cadogan Petroleum (CAD LN) closed flat. Ferrexpo (FXPO LN) kept up positive dynamics with an impressive gain of 3.1%, but MHP (MHPC LI -0.28%) continued its losing streak. In Warsaw, Astarta (AST PW +1.87%) and Kernel (KER PW +0.44%) turned in a solid performance, while Agroton (AGT PW -2.69%) dropped significantly.

Equity: Ukrainian President vetoes squeeze-out law
Metallurgy: Ukrainian steel output to decrease 7% M-o-M in February
Metallurgy: Ukraine’s steelmakers improve aggregate pretax losses by $75 mln
Agriculture: Ukraine eyes 45 mln tonnes of grain harvest in 2011