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Tuesday, December 11, 2012

Warsaw Market & Carbon Watch - Tuesday 11 December

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 positive territory (+0.78%), in line with mostly green screens across the main European markets (FTSE +0.12%, STOXX -0.21%, CAC +0.18%, DAX +0.17%, IBEX -0.56%) and positive U.S. markets (DOW +0.11%, S&P +0.03%, NASDAQ +0.30%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index outperformed the main Warsaw equities index, closing up (+1.42%) with gains in Sadovaya, Kernel, Coal Energy, KSG Agro and IMC driving the movement.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya Group (1,590,841 shares), Westa (395,473 shares), Ovostar (88,256 shares), Kernel (55,267 shares) and Agroton (34,714 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): 45892.07 (+0.78%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  658.96 (+1.42%) 

Ovostar Union NV (OVO PW):  90.00 (-4.10%)
Kernel Holding SA (KER PW):  68.70 (+4.09%)
Agroton Public Limited (AGT PW):  8.12 (-8.04%)
Astarta Holding NV (AST PW):  56.70 (-1.31%)
Industrial Milk Co (IMC PW):  15.70 (+1.36%)
KSG Agro SA (KSG PW):  11.50 (+2.22%)
Milkiland (MLK PW):  14.30 (-1.38%)
KDM Shipping Plc (KDM PW):  26.10 (unch)
Coal Energy SA (CLE PW): 11.43 (+4.00%)
Sadovaya Group SA (SGR PW):  2.08 (-15.56%)
Westa Intl Scientific Group (WES PW):  0.73 (-1.35%)

Carbon Trading

The ICE daily CER fell another cent on Monday, closing at 0.61 EURO (-1.611%).  Doha is finished and the predictable outcome occurred - no real developments just a weak poster board agreement with everyone kicking the can for hard discussions in 2015... which in market terms is another lifetime.  Kyoto Protocol still exists in the "true up period" when emitters engage in 2-3 years of horse trading to squeeze whatever Eurocents they can from the market before submitting their final emissions offset trading math to teacher.  There is the flimsy "Kyoto Protocol 2" which to be honest is nothing more than a weak and redundant version of the EU ETS, allowing the EU to keep receiving cheap credits into their regulatory system until the rest of the world catches up to their leadership on climate change issues.  But that will take some time and to be honest it could happen later than 2015.  In the meantime we've got a UN program mushing its way through on crutches - until a major development happens in the USA or China or Japan to create real demand for Kyoto offsets.  There is still action in the market but it's a race to the bottom as prices slip towards zero, the UN offset market is waiting for a serendipitous second chance before the inevitable happens.

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