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Tuesday, March 5, 2013

Warsaw Market & Carbon Watch - Tuesday 5 March

Greetings from Kiev!  Here is the Ukrainian stock performance summary on the Warsaw Stock Exchange (WSE), based on the prior trading day's closing bell.  The WSE closed in the red (-0.44%), compared to mixed European markets (FTSE -0.52%, STOXX +0.12%, CAC +0.27%, DAX -0.21%, IBEX +0.72%) and green U.S. markets (DOW +0.27%, S&P +0.46%, NASDAQ +0.39%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index tracked the main Warsaw equities index, closing down (-1.42%) with gains in Westa, KDM Shipping, Sadovaya and Agroton unable to carry the day.  From a market depth standpoint, the highest trading volumes occurred in Westa (1,455,318 shares) and Kernel (204,731 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): 46137.70 (-0.44%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  648.15 (-1.42%) 

Ovostar Union NV (OVO PW):  96.90 (-0.10%)
Kernel Holding SA (KER PW):  60.50 (-3.35%)
Agroton Public Limited (AGT PW):  9.49 (+0.11%)
Astarta Holding NV (AST PW):  63.40 (-0.16%)
Industrial Milk Co (IMC PW):  16.19 (-0.25%)
KSG Agro SA (KSG PW):  9.68 (-3.20%)
Milkiland (MLK PW):  14.45 (-1.70%)
KDM Shipping Plc (KDM PW):  31.90 (+7.08%)
Coal Energy SA (CLE PW): 10.00 (-2.15%)
Sadovaya Group SA (SGR PW):  1.92 (+2.13%)
Westa Intl Scientific Group (WES PW):  0.84 (+15.07%)

Carbon Trading

The ICE daily CER continued to trade as a political option with notional pricing, losing another 4 Eurocents (11 Eurocents on three consecutive losing days) after artificially having been driven up three trading days ago by a short squeeze.  It finished the day at 0.20 EURO (-16.67%).  The rest of the market remains beneath this price and ERUs are trading around 30% of this price.  Only a political decision to address massive oversupply can turn things around and it looks like such a decision is becoming a long-shot in the EU ETS.  In the meantime, too many ERUs and CERs already flood the market and more are printed every month.  The March and spot CER contracts can be expected to keep decreasing as we approach April when "grey" carbon credits must be surrendered or expire.

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