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Thursday, November 29, 2012

Warsaw Market & Carbon Watch - Thursday 29 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 in negative territory (-0.11%), below most of the main European markets (FTSE +0.06%, STOXX +0.13%, CAC +0.37%, DAX +0.15%, IBEX -0.33%) and the U.S. markets (DOW +0.83%, S&P +0.79%, NASDAQ +0.81%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index outperformed the main Warsaw equities index, closing up (+0.52%) for the day with gains in Agroton, KSG Agro, Milkiland, Kernel, IMC and Ovostar driving the movement.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya Group (872,756 shares), Westa (157,240 shares) and Kernel (62,392 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): 44605.42 (-0.11%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  660.81 (+0.52%) 

Ovostar Union NV (OVO PW):  84.35 (+0.12%)
Kernel Holding SA (KER PW):  67.55 (+2.04%)
Agroton Public Limited (AGT PW):  10.13 (+6.07%)
Astarta Holding NV (AST PW):  60.00 (-2.68%)
Industrial Milk Co (IMC PW):  14.50 (+0.35%)
KSG Agro SA (KSG PW):  11.16 (+4.30%)
Milkiland (MLK PW):  15.90 (+2.58%)
KDM Shipping Plc (KDM PW):  26.10 (-1.14%)
Coal Energy SA (CLE PW): 10.31 (-0.39%)
Sadovaya Group SA (SGR PW):  1.80 (-10.00%)
Westa Intl Scientific Group (WES PW):  1.02 (-0.39%)

Carbon Trading

The ICE daily CER fell 6 cents on Wednesday, closing at 0.75 EURO (-7.41%).  The Doha conference has fallen into the predictable impasse of arguing.  Russia has declared it won't agree to new emissions capping commitments under Kyoto, while the USA continues to filibuster on international cooperation as in previous years.  From the Doha evidence thus far, major emitters continue to lack the political will to address climate change in a meaningful way and prefer to compartmentalize the issue inside the broader topic of trade and commercial competitiveness.  Cheap ERUs and CERs continue to flood the market particularly through JI's Track 1 back door, and this looks to accelerate for the rest of the year.  There will be no demand spike for carbon credits to effectively offset supply growth, due to the global economic slow down.  The fundamentals exist for a tough final few weeks for carbon prices this year, barring the occasional dead cat bounce... unless there's a game changing market decision somewhere.

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