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Wednesday, December 12, 2012

Warsaw Market & Carbon Watch - Wednesday 12 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 up (+1.36%), in line with green screens across the main European markets (FTSE +0.06%, STOXX +1.08%, CAC +0.94%, DAX +0.78%, IBEX +1.49%) and the U.S. markets (DOW +0.60%, S&P +0.65%, NASDAQ +1.18%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index tracked the main Warsaw equities index, closing up (+1.90%) with gains in Agroton, Astarta, Kernel, IMC and Ovostar driving the movement.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya Group (1,032,879 shares), Kernel (65,154 shares) and Westa (60,615 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): 46517.46 (+1.36%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  671.51 (+1.90%) 

Ovostar Union NV (OVO PW):  91.50 (+1.67%)
Kernel Holding SA (KER PW):  70.00 (+1.89%)
Agroton Public Limited (AGT PW):  8.48 (+4.43%)
Astarta Holding NV (AST PW):  58.70 (+3.53%)
Industrial Milk Co (IMC PW):  15.99 (+1.85%)
KSG Agro SA (KSG PW):  11.50 (unch)
Milkiland (MLK PW):  14.20 (-0.70%)
KDM Shipping Plc (KDM PW):  26.10 (unch)
Coal Energy SA (CLE PW): 11.40 (-0.26%)
Sadovaya Group SA (SGR PW):  1.99 (-4.33%)
Westa Intl Scientific Group (WES PW):  0.71 (-2.74%)

Carbon Trading

The ICE daily CER went into a screaming tailspin on Tuesday, closing at 0.46 EURO (-24.59%).  We've gone through the predicted pattern of events:  Doha is finished with no wide international agreement, the UN offset market now exists mostly for PR until countries come together again to reduce the core problem of climate change in a unified manner sometime during the next 3 to 7 years... so now it's a race to the bottom.  You could see this coming so no surprises here, only disappointment.  There will be some trading action during the true-up period but it seems that national green tariffs and subsidized renewable energy measures/incentives from governments will need to overtake carbon credits as the driver to start new projects.  At least until such time that carbon credits become valuable enough to be relevant again.  Until that time, UN offsets are just cheap paper for traders to earn money on volume swaps and options.

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