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Tuesday, November 6, 2012

Warsaw Market & Carbon Watch - Tuesday 6 November

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 flat on the day (-0.03%), slightly better than the European markets (FTSE -0.50%, STOXX -1.16%, CAC -1.26%, DAX -0.51%, IBEX -1.89%) and below the U.S. markets (DOW +0.15%, S&P +0.22%, NASDAQ +0.59%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed in line with the main Warsaw equities index, closing flat (-0.23%) for the day with gains in Agroton, Westa, Astarta, Sadovaya and Milkiland unable to offset white and red screens across the rest of the Ukrainian names.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (148,095 shares), Kernel (94,135 shares) and Sadovaya Group (40,429 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): 43567.60 (-0.03%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  687.39 (-0.23%) 

Ovostar Union NV (OVO PW):  96.00 (unch)
Kernel Holding SA (KER PW):  63.70 (-0.93%)
Agroton Public Limited (AGT PW):  11.88 (+6.55%)
Astarta Holding NV (AST PW):  64.00 (+0.79)
Industrial Milk Co (IMC PW):  16.18 (-3.11%)
KSG Agro SA (KSG PW):  12.13 (-0.82%)
Milkiland (MLK PW):  17.03 (+0.47%)
KDM Shipping Plc (KDM PW):  27.30 (unch)
Coal Energy SA (CLE PW): 13.49 (-1.24%)
Sadovaya Group SA (SGR PW):  2.75 (+0.73%)
Westa Intl Scientific Group (WES PW):  1.13 (+4.63%)

Carbon Trading

ICE daily CER price continued to held its ground Monday and improved slightly to 1.09 EURO (+4.81%).  The market remains significantly long.  Energy commodities also rose on Monday, however the carbon market seems to be trading around pre-Doha uncertainty at this point.  If things go the same way as this time last year, one can expect positive initial headlines out of Doha meetings about the future of the Kyoto Protocol... causing prices to improve... followed by the inevitable realization that the headlines are only headlines without real substance... causing carbon prices to keep falling towards year end.  With carbon offsets representing the worst performing commodity market in recent years, the chance of the Kyoto Protocol's future existence as a market mechanism is starting to look slightly similar to the odds of Greece's future survival in the Eurozone.  But as the Japanese proverb says, "Hope is the last thing to die."  So let's see whether Kyoto nations can cooperate on the environment in 2012 and surprise skeptics.  If they wanted to wait until everyone was on the edge of their seats in the eleventh hour, mission accomplished.

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