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Friday, February 22, 2013

Warsaw Market & Carbon Watch - Friday 22 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 down for a third day (-0.37%), in line with the main European markets (FTSE -1.62%, STOXX -2.29%, CAC -2.29%, DAX -1.88%, IBEX -1.82%) and U.S. markets (DOW -0.34%, S&P -0.63%, NASDAQ -1.04%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index outperformed the main Warsaw equities index, closing up (+0.61%) with gains in Astarta, Milkiland, KDM Shipping and Kernel driving the movement.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya (177,171 shares), Kernel (148,538 shares), Westa (81,414 shares) and Milkiland (49,425 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): 45879.90 (-0.37%)
WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  695.38 (+0.61%) 

Ovostar Union NV (OVO PW):  93.00 (unch%)
Kernel Holding SA (KER PW):  68.35 (+0.44%)
Agroton Public Limited (AGT PW):  10.04 (-1.47%)
Astarta Holding NV (AST PW):  65.95 (+1.93%)
Industrial Milk Co (IMC PW):  16.20 (unch%)
KSG Agro SA (KSG PW):  11.90 (-1.65%)
Milkiland (MLK PW):  15.34 (+0.92%)
KDM Shipping Plc (KDM PW):  27.19 (+0.74%)
Coal Energy SA (CLE PW): 11.83 (-0.42%)
Sadovaya Group SA (SGR PW):  1.84 (-2.65%)
Westa Intl Scientific Group (WES PW):  0.62 (-4.62%)

Carbon Trading

The ICE daily CER continued to trade as a political option with notional pricing, gaining one 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.  There is little to no volume demand at these levels.  Only a political decision to address massive oversupply can turn things around.  Too many ERUs and CERs have been issued already for there to be any meaningful supply/demand intersection, and more are printed every month, the market is swamped.