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Monday, February 7, 2011

Daily Market Brief

Market Comment

Ukrainian equity markets ended the week in positive territory Friday (Feb. 4). Investor sentiment was supported by the general uplift on international markets, with better than expected earnings reports, expansion of manufacturing in China and positive employment data from the US. The UX exchange opened up and charted a sideways course throughout the session to close with a gain of 0.79%. Total trading volume came in higher than average at UAH 229 mln. The focus was on mining names (AVDK +4.51%, YASK +3.05%), which grew along with the world's largest mining companies that are in line to compensate for the hurricane hit mines in Australia. Banks took a significant step upwards (BAVL +1.77% USCB +1.58%). Metallurgy names also recorded solid gains: ALMK +1.47%, AZST +1.59%, ENMZ +1.32%. Another notable advance was made by Ukrtelecom (UTLM +1.1%), while Motor Sich (MSICH +0.04%) could not break any notable ground. Centerenergo (CEEN -0.32%) and Ukrnafta (UNAF -0.15%) were the only liquid stocks to close in the red.

In London, Cadogan Petroleum (CAD LN -2.29%) continued its correction, while JKX Oil & Gas (JKX LN +0.75%) eked out a gain. Ferrexpo (FXPO LN +0.62%) advanced slightly and MHP (MHPC LI -0.21%) closed in shallow negative territory. In Warsaw, agricultural companies demonstrated positive dynamics, with Astarta (AST PW +2.32%) ending the week on the highest note. Kernel (KER PW +0.85%) and Agroton (AGT PW +0.2%) inched up humbly.

Metals and Mining: Ukrainian coke producers raise prices by 10% M-o-M in February
Chemicals: Stirol plans to launch dormant ammonia workshop