Warsaw Market & Carbon Watch - Monday 29 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 flat on the day (-0.25%), slightly under the European markets (FTSE +0.03%, STOXX +0.51%, CAC +0.69%, DAX +0.44%, IBEX -0.05%) and the U.S. markets (DOW +0.03%, S&P -0.07%, NASDAQ -0.06%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they slightly underperformed the main Warsaw equities index, closing down (-0.61%) for the day with gains in Agroton being insufficient to offset red and white screens across the rest of the index's weighted names.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (253,846 shares), Sadovaya Group (218,341 shares) and Kernel (23,969 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): 43264.17 (-0.25%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  707.63 (-0.61%) 

Ovostar Union NV (OVO PW):  96.40 (-0.10%)

Kernel Holding SA (KER PW):  67.40 (-0.59%)

Agroton Public Limited (AGT PW):  11.40 (+2.52%)

Astarta Holding NV (AST PW):  64.00 (-1.08%)

Industrial Milk Co (IMC PW):  15.99 (-0.81%)

KSG Agro SA (KSG PW):  13.20 (unch)

Milkiland (MLK PW):  16.90 (-0.29%)

KDM Shipping Plc (KDM PW):  27.30 (unch)

Coal Energy SA (CLE PW): 14.74 (-0.27%)

Sadovaya Group SA (SGR PW):  2.87 (-4.33%)

Westa Intl Scientific Group (WES PW):  1.09 (-3.54%)

Carbon Trading

ICE daily CER price saw a nervous 2 Eurocent uptick, reaching 0.88 EURO (+2.33%).  This looks to be the result of range trading and consolidation after several days of losses, the market remains long.

Warsaw Market & Carbon Watch - Thursday 25 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 up on the day (+0.37%), in line with the European markets (FTSE +0.12%, STOXX +0.51%, CAC +0.59%, DAX +0.27%, IBEX +0.57%) and better than the U.S. markets (DOW -0.19%, S&P -0.31%, NASDAQ -0.29%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they slightly underperformed the main Warsaw equities index, closing flat (-0.18%) for the day with slight in Sadovaya, Agroton, Westa, Milkiland and KSG Agro failing to carry the day.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (241,804 shares), Sadovaya Group (226,277 shares) and Kernel (32,670 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): 433305.06 (+0.37%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  709.82 (-0.18%) 

Ovostar Union NV (OVO PW):  96.00 (-0.88%)

Kernel Holding SA (KER PW):  68.00 (-0.37%)

Agroton Public Limited (AGT PW):  11.38 (+2.89%)

Astarta Holding NV (AST PW):  64.00 (-0.85%)

Industrial Milk Co (IMC PW):  15.85 (-0.94%)

KSG Agro SA (KSG PW):  13.59 (+2.26%)

Milkiland (MLK PW):  16.95 (+2.73%)

KDM Shipping Plc (KDM PW):  27.30 (unch)

Coal Energy SA (CLE PW): 14.73 (-1.01%)

Sadovaya Group SA (SGR PW):  2.71 (+3.83%)

Westa Intl Scientific Group (WES PW):  1.11 (+2.78%)

Carbon Trading

ICE daily CER price continued to fall without apparent support, dropping to 0.86 EURO (-13.13%).  The market is long, industrial activity in the Eurozone looks bearish on the back of weak economic forecasts, and more Track 1 ERUs are issued by eligible countries as project owners seek to make whatever's left from the the small money left in the market at this point.  There's no reason to buy carbon except to sell options or swap for small spreads.  It costs more money to play a video game in an arcade for 3 minutes than it does to purchase a ton of CO2 emission reductions from the atmosphere.  One would think that it should now be easier for countries to agree to a second Kyoto Protocol extension -- because carbon credits are essentially costless and look to remain so for several years -- but things do not seem to be shaping up that way.

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.