Warsaw Market & Carbon Watch - Friday 17 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 (+0.05%), outperforming most of the main European markets (FTSE -0.77%, STOXX -0.45%, CAC -0.52%, DAX -0.82%, IBEX +0.29%) and U.S. markets (DOW -0.23%, S&P -0.16%, NASDAQ -0.35%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed below the main Warsaw equities index and more in line with global indexes, closing down (-1.09%) for the day with gains in Westa, Kernel and KSG Agro unable to offset red and white screens among other index names.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (158,242 shares) and Kernel (57,420 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): 43845.94 (+0.05%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  654.64 (-1.09%) 

Ovostar Union NV (OVO PW):  87.00 (-7.45%)

Kernel Holding SA (KER PW):  66.00 (+1.54%)

Agroton Public Limited (AGT PW):  10.90 (-3.63%)

Astarta Holding NV (AST PW):  57.60 (-3.03%)

Industrial Milk Co (IMC PW):  15.00 (-1.64%)

KSG Agro SA (KSG PW):  11.28 (+1.26%)

Milkiland (MLK PW):  14.55 (-3.00%)

KDM Shipping Plc (KDM PW):  25.90 (unch%)

Coal Energy SA (CLE PW): 11.45 (-2.55%)

Sadovaya Group SA (SGR PW):  2.56 (-1.16%)

Westa Intl Scientific Group (WES PW):  1.00 (+2.04%)

Carbon Trading

ICE daily CER price fell again to 0.73 EURO (-5.90%).  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.  In the meantime expect more CER and ERU volume to hit the market between now and year end, coupled with even cheaper forms of UN offsets, pushing prices down and making a rally difficult.

Warsaw Market & Carbon Watch - Thursday 15 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 (+0.49%), outperforming the main European markets (FTSE -1.11%, STOXX -0.81%, CAC -0.89%, DAX -0.94%, IBEX -0.27%) and U.S. markets (DOW -1.45%, S&P -1.39%, NASDAQ -1.29%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they performed in line with the main Warsaw equities index, closing slightly up (+0.05%) for the day with gains in Kernel, IMC, Agroton and Sadovaya driving the movement.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (216,205 shares), Kernel (105,519 shares) and Astarta (33,550 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): 43825.87 (+0.49%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  661.87 (+0.05%) 

Ovostar Union NV (OVO PW):  94.00 (-1.47%)

Kernel Holding SA (KER PW):  65.00 (+2.36%)

Agroton Public Limited (AGT PW):  11.31 (+1.53%)

Astarta Holding NV (AST PW):  59.40 (-1.00%)

Industrial Milk Co (IMC PW):  15.25 (+1.67%)

KSG Agro SA (KSG PW):  11.14 (-2.71%)

Milkiland (MLK PW):  15.00 (-4.46%)

KDM Shipping Plc (KDM PW):  25.90 (-3.90%)

Coal Energy SA (CLE PW): 11.75 (-5.24%)

Sadovaya Group SA (SGR PW):  2.59 (+0.39%)

Westa Intl Scientific Group (WES PW):  0.98 (-6.67%)

Carbon Trading

ICE daily CER price improved to 0.77 EURO (-6.10%).  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.  Carbon prices are down 30% over the past two days.  The EU has outlined a 6 point plan to try and address the supply/demand imbalance in the EU ETS looking forward.  The points are:  deepening EU emission cuts, cancelling permits, extending emissions trading to new sectors, limiting or banning certain UN offsets and establishing a price management mechanism.  It's all talk at this point so we will see how fast and how effective some/all of these measures may be, in the future.  In the meantime expect more CER and ERU volume to hit the market between now and year end, pushing prices down and making a rally difficult.

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.