Warsaw Market & Carbon Watch - Wednesday 27 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 (-0.90%), in line with the main European markets (FTSE -1.34%, STOXX -3.07%, CAC -2.67%, DAX -2.27%, IBEX -3.20%) but worse than the U.S. markets (DOW +0.84%, S&P +0.61%, NASDAQ +0.43%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index slightly tracked the main Warsaw equities index, closing down (-0.77%) with KDM Shipping the only winner for the day.  From a market depth standpoint, the highest trading volumes occurred in Kernel (71,823 shares) and Westa (33,175 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): 45868.35 (-0.90%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  683.96 (-0.77%) 

Ovostar Union NV (OVO PW):  94.00 (unch%)

Kernel Holding SA (KER PW):  65.85 (-0.53%)

Agroton Public Limited (AGT PW):  9.91 (-1.88%)

Astarta Holding NV (AST PW):  67.50 (unch%)

Industrial Milk Co (IMC PW):  16.05 (-2.07%)

KSG Agro SA (KSG PW):  10.86 (-3.64%)

Milkiland (MLK PW):  14.80 (-1.33%)

KDM Shipping Plc (KDM PW):  28.18 (+0.04%)

Coal Energy SA (CLE PW): 10.90 (-2.68%)

Sadovaya Group SA (SGR PW):  1.86 (-2.62%)

Westa Intl Scientific Group (WES PW):  0.63 (-1.56%)

Carbon Trading

The ICE daily CER continued to trade as a political option with notional pricing, addition two Eurocents to 0.17 EURO (+13.33%).  Actual volume is trading beneath this price and ERUs are trading at far less than 50% of this price.  Exchange listed prices are nothing more than advertisements or wishful thinking by a small group of ambitious traders trying to convince speculators that there is something happening... or posting prices to mark their portfolios above loss levels for accounting reasons.  Nobody is following these prices or trading at these levels.  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.

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.

Warsaw Market & Carbon Watch - Monday 25 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 (+0.15%), in line with the main European markets (FTSE +0.70%, STOXX +1.95%, CAC +2.25%, DAX +1.03%, IBEX +2.05%) and U.S. markets (DOW +0.86%, S&P +0.88%, NASDAQ +0.97%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, their index slightly underperformed the main Warsaw equities index, closing down (-0.56%) with gains in KDM Shipping, Sadovaya, Ovostar, Agroton and Coal Energy unable to carry the day.  From a market depth standpoint, the highest trading volumes occurred in Westa (110,652 shares), Kernel (106,730 shares and Sadovaya (46,193 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): 45948.12 (+0.15%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  691.47 (-0.56%) 

Ovostar Union NV (OVO PW):  94.00 (+1.08%)

Kernel Holding SA (KER PW):  67.85 (-0.73%)

Agroton Public Limited (AGT PW):  10.10 (+0.60%)

Astarta Holding NV (AST PW):  65.40 (-0.83%)

Industrial Milk Co (IMC PW):  16.20 (unch%)

KSG Agro SA (KSG PW):  11.52 (-3.19%)

Milkiland (MLK PW):  15.05 (-1.89%)

KDM Shipping Plc (KDM PW):  28.13 (+3.46%)

Coal Energy SA (CLE PW): 11.85 (+0.17%)

Sadovaya Group SA (SGR PW):  1.89 (+2.72%)

Westa Intl Scientific Group (WES PW):  0.59 (-4.84%)

Carbon Trading

The ICE daily CER continued to trade as a political option with notional pricing, losing one Eurocent to 0.14 EURO (-6.67%).  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.  Only a political decision to address massive oversupply can turn things around.  Too many ERUs and CERs have been issued already and more are printed every month, the market is swamped.