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Wednesday, October 24, 2012

Warsaw Market & Carbon Watch - Wednesday 24 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 down on the day (-1.33%), in line with red screens in the European markets (FTSE -1.44%, STOXX -2.10%, CAC -2.20%, DAX -2.11%, IBEX -1.64%) and U.S. markets (DOW -1.82%, S&P -1.44%, NASDAQ -0.88%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they slightly outperformed the main Warsaw equities index, closing down (-0.71%) for the day with slight gains in Kernel, Westa and Sadovaya failing to offset an otherwise sluggish day across the index.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya Group (999,197 shares), Kernel (567,913 shares) and Westa International Scientific Group(348,738 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): 43145.55 (-1.33%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  711.09 (-0.71%) 

Ovostar Union NV (OVO PW):  96.85 (unch)
Kernel Holding SA (KER PW):  68.25 (+0.74%)
Agroton Public Limited (AGT PW):  11.06 (-4.24%)
Astarta Holding NV (AST PW):  64.55 (-0.69%)
Industrial Milk Co (IMC PW):  16.00 (-3.90%)
KSG Agro SA (KSG PW):  13.29 (-2.99%)
Milkiland (MLK PW):  16.50 (-1.79%)
KDM Shipping Plc (KDM PW):  27.30 (unch)
Coal Energy SA (CLE PW): 14.88 (-4.00%)
Sadovaya Group SA (SGR PW):  2.61 (+3.57%)
Westa Intl Scientific Group (WES PW):  1.08 (+0.93%)

Carbon Trading

ICE daily CER price continued to fall, dropping to 0.99 EURO (-8.33%).  The market is long, new ERU and CER supply keeps hitting the market particularly through the Track 1 JI process, demand does not meet this supply for several more years, it's like kicking a dead horse.  But so long as carbon remains above zero there likely will be new volume sellers and traders looking to make a few cents off swaps and hedging.  So it's possibly a race to the bottom without serendipitous decision making by the EU ETS, from the U.N.F.C.C.C., or from individual countries refusing certain types of credits.