Warsaw Market & Carbon Watch - Tuesday 13 November

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%), compared to flat/bearish results in the European markets (FTSE -0.04%, STOXX -0.25%, CAC -0.35%, DAX +0.07%, IBEX -0.90%) and U.S. markets (DOW +0.00%, S&P +0.01%, NASDAQ -0.02%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed below the main Warsaw equities index, closing down (-1.02%) for the day with gains in IMC, Sadovaya, Coal Energy and Ovostar unable to offset white and red screens among other names.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (182,537 shares), Sadovaya Group (73,448 shares) and Kernel (50,418 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): 43368.99 (+0.37%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  661.18 (-1.02%) 

Ovostar Union NV (OVO PW):  95.75 (+0.31%)

Kernel Holding SA (KER PW):  63.25 (-1.79%)

Agroton Public Limited (AGT PW):  11.03 (-0.99%)

Astarta Holding NV (AST PW):  60.00 (-2.60%)

Industrial Milk Co (IMC PW):  15.35 (+5.79%)

KSG Agro SA (KSG PW):  11.50 (-1.03%)

Milkiland (MLK PW):  15.55 (unch)

KDM Shipping Plc (KDM PW):  26.90 (-0.37%)

Coal Energy SA (CLE PW): 12.44 (+0.32%)

Sadovaya Group SA (SGR PW):  2.56 (+3.64%)

Westa Intl Scientific Group (WES PW):  1.05 (-0.94%)

Carbon Trading

ICE daily CER price improved to 1.10 EURO (+10.00%).  The market remains significantly long and participants seem to be pinning their hopes on supply constraint decisions which could take a long time to materialize.  The European Commission has proposed back-loading 900 million EUAs from 2013, and carbon got a jolt from this news.  However back-loading is not the same as removal, so trading volume remains driven by swaps and hedging; real new demand does not exist to meet continuous rolling supply growth through year end.  The only thing one can say about carbon right now is it's quite cheap.  But today's cheap price can become tomorrow's expensive price, as we've seen since August 2011. The market badly needs regulatory support.

Warsaw Market & Carbon Watch - Monday 12 November

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 (-0.50%), compared to mixed results in the European markets (FTSE -0.11%, STOXX +0.03%, CAC +0.47%, DAX -0.58%, IBEX +0.16%) and rebounding U.S. markets (DOW +0.03%, S&P +0.17%, NASDAQ +0.32%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed slightly below the main Warsaw equities index, closing down (-0.92%) for the day with gains in Kernel unable to offset otherwise white and red screens among other names.  From a market depth standpoint, the highest trading volumes occurred in Kernel (482,582 shares), Westa International Scientific Group (117,536 shares) and Sadovaya Group (62,538 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): 43210.47 (-0.50%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  667.96 (-0.92%) 

Ovostar Union NV (OVO PW):  95.45 (-0.31%)

Kernel Holding SA (KER PW):  64.40 (+0.08%)

Agroton Public Limited (AGT PW):  11.14 (-0.27%)

Astarta Holding NV (AST PW):  61.60 (-1.60%)

Industrial Milk Co (IMC PW):  14.51 (-5.53%)

KSG Agro SA (KSG PW):  11.62 (-0.17%)

Milkiland (MLK PW):  15.55 (-1.27%)

KDM Shipping Plc (KDM PW):  27.00 (-0.37%)

Coal Energy SA (CLE PW): 12.40 (unch)

Sadovaya Group SA (SGR PW):  2.47 (-3.89%)

Westa Intl Scientific Group (WES PW):  1.06 (-3.64%)

Carbon Trading

ICE daily CER price consolidated to 1.00 EURO (+4.17%).  The market remains significantly long and participants seem to be pinning their hopes on supply constraint decisions which could take a long time to materialize.  The carbon market seems to be trading around pre-Doha uncertainty, nothing fundamentally has changed, trading volume is based around swaps and hedging with real new demand nonexistent in the face over continuous rolling supply increases through year end.

Warsaw Market & Carbon Watch - Friday 9 November

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 (+0.29%), better than the European markets (FTSE -0.27%, STOXX -0.00%, CAC -0.06%, DAX -0.39%, IBEX -0.48%) and the U.S. markets (DOW -0.94%, S&P -1.22%, NASDAQ -1.42%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed slightly below the main Warsaw equities index and in line with the other European and U.S. markets, closing down (-0.67%) for the day with gains in Westa, KSG Agro, Sadovaya Group and Kernel unable to carry the day.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (92,480 shares), Sadovaya Group (70,333 shares) and Kernel (66,036 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): 43429.42 (+0.29%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  674.15 (-0.67%) 

Ovostar Union NV (OVO PW):  95.75 (unch)

Kernel Holding SA (KER PW):  64.35 (+0.78%)

Agroton Public Limited (AGT PW):  11.17 (-3.71%)

Astarta Holding NV (AST PW):  62.60 (-2.72)

Industrial Milk Co (IMC PW):  15.36 (-0.97%)

KSG Agro SA (KSG PW):  11.64 (+1.22%)

Milkiland (MLK PW):  15.75 (-1.56%)

KDM Shipping Plc (KDM PW):  27.10 (unch)

Coal Energy SA (CLE PW): 12.40 (-0.80%)

Sadovaya Group SA (SGR PW):  2.57 (+0.78%)

Westa Intl Scientific Group (WES PW):  1.10 (+2.80%)

Carbon Trading

ICE daily CER price fell for the second day to 0.96 EURO (-7.69%).  The market remains significantly long.  The carbon market seems to be trading around pre-Doha uncertainty and a bearish Eurozone outlook at this point.  Nothing fundamentally has changed, demand currently seems projected to be flat or diminishing while supply steadily increases through year end.