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Tuesday, February 26, 2013

Warsaw Market & Carbon Watch - Tuesday 26 February

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.  The Warsaw Stock Exchange closed up (+0.74%), in line with the main European markets (FTSE +0.31%, STOXX +0.83%, CAC +0.41%, DAX +1.45%, IBEX +0.80%) and better than the U.S. markets (DOW -1.55%, S&P -1.83%, NASDAQ -1.44%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index slightly underperformed the main Warsaw equities index, closing down (-0.32%) with gains in Westa, Astarta, IMC, Sadovaya and KDM Shipping unable to carry the day.  From a market depth standpoint, the highest trading volumes occurred in Westa (87,991 shares), Kernel (52,743 shares) and Sadovaya (49,066 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): 46286.28 (+0.74%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  689.27 (-0.32%) 

Ovostar Union NV (OVO PW):  94.00 (unch%)
Kernel Holding SA (KER PW):  66.20 (-2.43%)
Agroton Public Limited (AGT PW):  10.10 (unch%)
Astarta Holding NV (AST PW):  67.50 (+3.21%)
Industrial Milk Co (IMC PW):  16.39 (+1.17%)
KSG Agro SA (KSG PW):  11.27 (-2.17%)
Milkiland (MLK PW):  15.00 (-0.33%)
KDM Shipping Plc (KDM PW):  28.17 (+0.14%)
Coal Energy SA (CLE PW): 11.20 (-5.49%)
Sadovaya Group SA (SGR PW):  1.89 (+1.06%)
Westa Intl Scientific Group (WES PW):  0.64 (+8.47%)

Carbon Trading

The ICE daily CER continued to trade as a political option with notional pricing, gaining back the one yo-yo Eurocent to 0.15 EURO (+7.14%).  Actual volume is trading beneath this price and ERUs are trading at less than 50% of this price.  Exchange listed prices are nothing more than advertisements or wishful thinking by ambitious traders trying to convince speculators that there is something happening.  Nobody is following them.  Only a political decision to address massive oversupply can turn things around and after Monday, it looks like that decision is possibly not going to happen in the EU ETS.  EU lawmakers yesterday decided to put their back-loading plan to a full parliamentary vote before discussing it with individual country ministers - which at best means the plan is in serious trouble and at worse signals it's dead.  Nobody should be surprised at this twist given the EU's track record of whiffing on previous efforts.  In the meantime, too many ERUs and CERs already flood the market and more are printed every month.

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