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Thursday, October 11, 2012

Warsaw Market Watch - Thursday 11 October

Greetings from Kiev!  Here is this morning’s Ukrainian stock performance summary, from the Warsaw Stock Exchange, based on the prior trading day's closing bell.  As a whole, the Warsaw Stock Exchange closed up on the day (+0.47%), outperforming the European markets (FTSE -0.58%, STOXX -0.63%, CAC -0.50%, DAX -0.41%, IBEX -1.00%) and also the U.S. markets (DOW -0.95%, S&P -0.62%, NASDAQ -0.43%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they underperformed the main Warsaw index -- and followed the international markets -- closing down (-1.86%) for the day, with gains by Westa (energy), Sadovaya (metals/mining) and KSG (agriculture) being outweighed by corrections across the rest of the board.  From a market depth standpoint, trading remained comparatively light for the second day however the highest trading volumes occurred in Westa International Scientific Group (869,924 shares), Kernel (39,852 shares), Astarta (37,774 shares) and Sadovaya (34,394 shares).

For specific results kindly see the table below, prices denoted in Polish currency (Zlotys).  Cheers – Jon

WSE WIG Index (total return index for Warsaw Stock Exchange listed companies): 44234.24 (+0.47%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  708.04 (-1.86%) 

Ovostar Union NV (OVO PW):  100.00 (unch)
Kernel Holding SA (KER PW):  63.10 (-1.56%)
Agroton Public Limited (AGT PW):  12.65 (-1.40%)
Astarta Holding NV (AST PW):  65.55 (-2.89%)
Industrial Milk Co (IMC PW):  15.40 (-2.10%)
KSG Agro SA (KSG PW):  14.10 (+0.21%)
Milkiland (MLK PW):  17.00 (-2.58%)
KDM Shipping Plc (KDM PW):  25.00 (unch)
Coal Energy SA (CLE PW): 16.50 (-2.94%)
Sadovaya Group SA (SGR PW):  4.67 (+0.65%)
Westa Intl Scientific Group (WES PW):  1.00 (+5.26%)

Carbon Trading

ICE daily CER price continued its range trading and fell to 1.78 EURO (-7.77%) in the face of current oversupply of carbon credits, more supply anticipated to be entering the market during the final months of 2012, and no regulatory decision in sight to bolster the market.  The market for U.N. offsets now looks like the headless horseman with carbon trading prices being driven by option prices. Expect more of the same until such time that the EU or other international bodies take firm decisions to reduce carbon credit supply, until a post-2012 international emissions trading trading regime is agreed by currently participating countries, or until a major new market such as the United States enters the game.  No quick fix in sight.

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