Daily Market Brief

Market Comment

Ukrainian equity markets traded in the red for most of Monday (Dec. 27). However, the UX exchange jumped into positive territory near the close and managed to gain 0.29%. Activity eased with total trading volume coming in at UAH 179 mln. Yasynivka Coke (YASK) shot up 8.33% on the back of news concerning the commissioning of a new battery. Banks were also among the leaders: Raiffeisen Bank Aval (BAVL) soared 4.32% and Ukrsotsbank (USCB) advanced a solid 2.33%. The only other gainers were Azovstal (AZST +0.11%) and Zakhidenergo (ZAEN +0.32%). Investors fixed profits on Alchevsk Steel (ALMK -0.27%) and Enakievo Steel (ENMZ -0.84%). The rest of the board suffered insignificant losses under one percent.


Macro: NBU targets 8.9% CPI inflation in 2011
Metals and Mining: North Ore Mining and Processing Plant to build up output in 2011

Daily Market Brief

Market Comment

Ukrainian equity markets experienced a solid uplift on Friday (Dec. 24). The UX exchange climbed an impressive 2.15% on a high total trading volume of UAH 228 mln. Metals and mining stocks led the rally, with Alchevsk Steel (ALMK) and Enakievo Steel (ENMZ) soaring 8.77% and 5.62% respectively. Yasynivka Coke (YASK +3.7%), Azovstal (AZST +2%) and Avdiivka Coke (AVDK 0.8%) followed the upward shift. Solid advances were also made by Centerenergo (CEEN +3.01%), Ukrtelecom (UTLM +2.94%) and Ukrnafta (UNAF +2.65%). Other blue chips closed with moderate gains under one percent. The only stock in the index basket to trade against the market was Zakhidenergo (ZAEN -0.43%).

Macro: Ukraine’s capital inflows fail to cover current account deficit
Metals and Mining: Yasynivka Coke to fire up coke battery No. 4

Daily Market Brief

Market Comment

Ukrainian equity markets rose steadily on Thursday (Dec. 23). By the end of the session, the UX exchange had climbed an impressive 2.36%. Total trading volume came in at UAH 274 mln. Two stocks stood out on the day: Ukrnafta (UNAF) posted a monstrous 11.09% jump and Alchevsk Steel (ALMK) drove up by 8.33%. Gains of other blue chips were humble. Banks (BAVL +0.31%, USCB +0.64%) inched up, Yasynivka Coke (YASK +0,75%) made a slight advance, and Centerenergo (CEEN +0.14%) broke even. The rest of the board posted meager losses under one percent.

On international markets, both Regal Petroleum (RPT LN ) and Cadogan Petroleum (CAD LN ) closed flat, while JKX Oil& Gas (JKX LN +0.09%) showed a slight advance. Both Ferrexpo (FXPO LN -0.59%) and MHP (MHPC LI -0.87%) corrected. In Warsaw, Astarta (AST PW +2.34%) maintained an upward course, investors fixed profits on Kernel (KER PW -2.54%), and Agroton (AGT PW) closed flat.


Macro: Ukraine’s Parliament passes budget for 2011

Daily Market Brief

Market Comment

Ukrainian equity markets traded sideways for most of Friday (Dec. 10). The UX exchange closed the week with a gain of 0.48% on a moderate total trading volume of UAH 156 mln. The index was led by a rally in Motor Sich (MSICH +3.95%), a solid rise for Yasynivka Coke (YASK +1.8%) and impressive advances in Stirol (STIR +4.7%) and Stahanov Car Production Facility (SVGZ +4.99%). As for other liquid stocks, only Ukrnafta (UNAF +0.36%), Ukrsotsbank (USCB +0.4%) and Forum Bank (FORM +0.82%) managed to close in positive territory. Metals and mining names posted notable losses led by Alchevsk Steel (ALMK -3.21%) and Enakievo Steel (ENMZ -1.56%), and followed by Avdiivka Coke (AVDK -0.6%) and Azovstal (AZST -0.94%). Investors fixed profits on Ukrtelecom (UTLM -1.67%).

Among Ukrainian companies listed on international markets, Regal Petroleum (RPT LN) stole the spotlight – the stock surged 31.08% as the Board recommended shareholders accept the takeover offer by Energees Management Ltd. Cadogan Petroleum (CAD LN +1.18%) posted a modest gain and JKX Oil & Gas (JKX LN -0.19%) dipped slightly. Ferrexpo (FXPO LN) inched up 0.11%, while MHP (MHPC LI) lost 0.89%. In Warsaw, Astarta (AST PW) plummeted 4.2%, Agroton (AGT PW) shed 0.26% and Kernel (KER PW) closed flat.


Macro: Ukraine’s cabinet contracts fiscal deficit for 2011
GenCos: Ukrainian President unblocks privatization of GenCos
Metals and Mining: Enakievo Steel to commission new blast furnace in July 2011

Daily Market Brief

Market Comment

Ukrainian equity markets closed on an upswing Thursday (Dec 9). The UX exchange gained a solid 1.52% on a moderate total trading volume of UAH 161 mln. Motor Sich (MSICH) was definitely the center of attention – the stock soared 8.55%. Other top names to post notable gains included Yasynivka Coke (YASK+1.89%) and Alchevsk Steel (ALMK+1.37%). Remaining metals and mining stocks showed mixed dynamics with insignificant results. Ukrnafta (UNAF -0.16%) and Ukrtelecom (UTLM -0.29%) slid, banks (BAVL -0.37%, USCB -0.3%) dipped slightly, and GenCos (ZAEN, CEEN) closed flat.

Ukrainian companies on international markets showed widely mixed results. In London, Regal Petroleum (RPT LN +21.31%) made a steep recovery. Other oil and gas companies tacked on moderate losses: JKX LN -0.62%, CAD LN -1.16%. Ferrexpo (FXPO LN) kept its correction going with a 2.73% slide. MHP (MHPC LI) added to the previous session’s sharp decline with a 1.41% loss, as the company completed its GDR offering. In Warsaw, Astarta (AST PW) advanced 0.75%, Agroton (AGT PW) inched up 0.1%, and investors fixed profits on Kernel (KER PW -6.47%).


Fixed Income: BNP Paribas gains full control over UkrSibbank
Metals and Mining: Ferrexpo signs long-term agreement with JFE

Daily Market Brief

Market Comment

Ukrainian equity markets opened higher yesterday (Dec. 7) on the back of upbeat sentiment on European markets. The UX exchange surged in the first half of the day, but corrected slightly in the afternoon to close with a 0.66% rise. Total trading volume reached UAH 172 mln. The main contributor to index growth was Ukrtelecom (UTLM +2.92%) once again. Stock prices also hiked for Yasynivka Coke (YASK +2.79%) and Enakievo Steel (ENMZ +2.39%), while other metals and mining companies posted more modest gains: ALMK +0.53%, AVDK +0.07%, AZST +0.32%. Other top companies to put on notable growth included Ukrsotsbank (USCB), which added a solid 1.42%, and Ukrnafta (UNAF), which inched up 0.6%. The only blue chips to trade against the market trend were Raiffeisen Bank Aval (BAVL -0.2%) and Zakhidenergo (ZAEN -0.42%).

Ukrainian companies listed on international markets showed mixed dynamics yesterday. In London, Regal Petroleum (RPT LN -3.23%) and Cadogan Petroleum (CAD LN -1.11%) slid, while JKX Oil & Gas (JKX LN +0.38%) crept up. Ferrexpo (FXPO LN) added a solid 1.36% and MHP (MHPC LI) shot up 3.54%. In Warsaw, listed Ukrainian stocks reported losses across the board: AST PW -0.71%, AGT PW -1.56%, KER PW -1.79%.


Macro: Ukraine’s net demand for FX eases in November
Macro: Inflation in Ukraine decelerates to 9.2% Y-o-Y
Oil & Gas: Ukrnafta may lease chemical plant

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower yesterday (Dec. 6) as global markets faced uncertainty. Following a first half slide, the UX exchange (-0.01%) made an about face and nearly crept back into positive territory. Total trading volume came in at a moderate UAH 120 mln. Index losses were meager thanks in part to significant gains in Ukrtelecom (UTLM +2.50%), Stirol (STIR +2.07) and Zakhidenergo (ZAEN +1.9%). Ilyich Iron and Steel Works (MMKI +1.61%) and Alchevsk Steel (ALMK+0.06%) managed to close in the black. Other metals and mining names corrected: AZST -1.66%, YASK -1.32%, ENMZ -1.13%, AVDK -0.16%. The remainder of blue chips took on slight losses of under one percent.

Ukrainian companies listed on international markets posted mixed results. JKX Oil & Gas (JKX LN +0.98%), Cadogan Petroleum (CAD LN +5.88%) and Regal Petroleum (RPT LN +1.64%) reversed to gains. Ferrexpo (FXPO LN -0.64%) and MHP (MHPC LI -0.16%) failed to breakeven. In Warsaw, Agroton (AGT PW +0.31%) kept climbing, Kernel (KER PW +1.52%) made a solid advance, and Astarta (AST PW) closed flat.

Metals and Mining: Enakievo Steel to unite with Metinvest rolling mill

Daily Market Brief

Market Comment

Ukrainian equity markets opened higher on optimistic expectations Friday (Dec. 3); however, disappointing employment data out of the US led to the UX exchange stepping down a notch to end the day with a meager 0.23% rise. Total trading volume reached UAH 193 mln. Ukrtelecom (UTLM +2.25%) continued on its way up. Metals and mining stocks were among other top gainers, with Yasynivka Coke (YASK) shooting up 4.53%, and Azovstal (AZST) and Enakievo Steel (ENMZ) adding a solid 3.29% and 2.71% respectively. Only Alchevsk Steel (ALMK -1.05%) closed in the red. Most other top-tier names took on losses: Zakhidenergo (ZAEN) tumbled 4.08%, Ukrsotsbank (USCB) lost 1.13%, and investors continued to fix profit on Ukrnafta (UNAF -0.89%).

Ukrainian companies listed on international markets showed mixed dynamics. London-listed oil and gas stocks suffered notable losses. Regal Petroleum (RPT LN -10.29) saw its stock plummet as investors have lost faith in the company restoring licenses following the rejection of its legal appeal in a Ukrainian court. JKX Oil & Gas (JKX LN -2.25%), and Cadogan Petroleum (CAD LN -2.3%) slid. Ferrexpo (FXPO LN -0.43%) and MHP (MHPC LI -0.65%) chartered a minor downward course. In Warsaw, Astarta (AST PW-0.53%) closed in the red, while Agroton (AGT PW +3.23%) continued building up significant growth.


Politics: Ukraine gets a new Tax Code
Fixed Income: Green light for Naftogaz-Gazprom joint ventures

Daily Market Brief

Market Comment

Volatile trading was observed on Ukrainian equity markets yesterday (Nov. 30). The UX exchange chartered a downward trajectory in the first half of the session, but recovered losses in the second half to close 0.39% higher. Total trading volume remained high and reached UAH 167 mln. Ukrnafta (UNAF) was the stock of the day, adding to its succession of gains by posting a rise of 4.42%. Only a few other names closed in positive territory including Zakhidenergo (ZAEN +0.94%) and Ukrsotsbank (USCB +0.11%). With the exception of Yasynivka Coke (YASK +0.29%) and Alchevsk Steel (ALMK +0.12%), metals and mining stocks extended losses: AZST-0.23%, ENMZ -0.84%, AVDK -0.72%. Ukrtelecom (UTLM -1.83%) continued to lose ground. Other top names mirrored the general downward trend: BAVL -1.11%, CEEN -0.5%.

Among Ukrainian stocks listed on international markets, JKX Oil & Gas (JKX LN +0.16%) closed in the black, while Cadogan Petroleum (CAD LN -1.19%) reversed to losses, and investors continued to fix profits on Regal Petroleum (-7.35%). Ferrexpo (FXPO LN) traded in the red, losing 2.07%. The trend was reversed for agriculture and food processing stocks. Only Agroton lost in price (AGT PW -0.63%), while MHP (MHPC LI +1.38%) and Astarta (AST PW +2.95%) posted solid gains, and Kernel (KER PW +6.35%.) soared.


Metals and Mining: Spot prices for iron ore return to April’s highs

Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed on Monday (Nov. 29). The PFTS finished with a near one-point gain, while the UX exchange (-0.07%) fell just on the wrong side of the fence. Total trading volume on the UX remained high at UAH 169 mln. Blue chips predominantly ended the session in negative territory led by Ukrsotsbank (USCB -1.86%), Stahanov Car Production Facility (SVGZ -1.86%), Forum Bank (-1.47%) and Ukrtelecom (UTLM -1.03%). With the exception of Enakievo Steel (ENMZ +0.14%), metals and mining names dropped slightly: ALMK -0.12%, AVDK -0.45%, AZST -0.87%, YASK -1.01%. Ukrnafta continued to tack on gains, rising 1.31%. Zakhidenergo (ZAEN +2.57%) and Raiffeisen Bank Aval (BAVL +0.62%) were also among the day’s winners.

Ukrainian stocks posted mixed results on international markets. In oil and gas names, Cadogan (CAD LN) saw its price skyrocket 5%, while investors fixed profits on Regal Petroleum (RPT LN) – the stock plummeted 12.82%. Also in London, JKX Oil & Gas (JKX LN -1.44%) slid, Ferrexpo (FXPO LN -3.5%) dropped significantly, and MHP SA (MHPC LI +1.17%) turned in a solid performance. In Warsaw, Astarta (AST PW) and Agroton (AGT PW) lost 3.34% and 0.36% respectively. Kernel (KER PW) wrapped up the session by surging 2.27%.


Macro: Ukraine’s budget deficit breaks limit for 2010
Oil & Gas: Ukrainian Court grants Ukrnafta claim
Metals and Mining: Court confirms $20 mln in fines to be paid by Alchevsk Steel

Daily Market Brief

Market Comment

Ukrainian equity markets were dragged lower by renewed concerns over the eurozone’s debt problems and escalating tensions in Korea Friday (Nov. 26). The UX exchange opened lower, but took back some of the early losses to close down a mere 0.25%. Trading volume came in at a solid UAH 167 mln. Raiffeisen Bank Aval (BAVL) was the stock of the day, popping up 3.08%. Centerenergo (CEEN) and Ukrnafta (UNAF) also finished in positive territory, adding 0.12% and 0.19% respectively. Investors fixed profits in Ukrtelecom (UTLM -1.66%). Metals and mining stocks put downward pressure on the index: ENMZ -1.56%, ALMK -0.84%, AVDK -0.85%, AZST -0.64%, YASK -0.83%. Motor Sich (MSICH -0.87%), Ukrsotsbank (USCB -0.67%) and Zakhidenergo (ZAEN -0.83%) also slumped.

Among Ukrainian stocks listed on international markets, Regal Petroleum (RPT LN) extended gains by another 6.85%, while other oil and gas names edged lower: JKX LN -0.67%, CAD LN -1.24%. Ferrexpo (FXPO LN) also traded in the red, losing 0.51%. Agricultural and food processing stocks showed mixed dynamics: Agroton (AGT PW -0.17%) and Astarta (AST PW -1.26%) shed, while Kernel (KER PW +1.48%) and MHP (MHPC LI +0.62%) gained ground.


Macro: Ukraine’s aggregate public debt rises to 37.5% of GDP

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower Friday (Nov. 19) after China increased the volume of required bank reserves by 0.5%. The UX exchange lost 0.77% as trading volume reached an impressive UAH 230 mln. Ukrsotsbank (USCB -3.18%), Zakhidenergo (ZAEN -2.22%), Motor Sich (MSICH -1.09%) and Ukrnafta (UANF -1.25%) contributed most to the index’s decline. Coke producers (AVDK -0.98%, YASK -0.56%), Raiffeisen Bank Aval (BAVL -0.67%) and Ukrtelecom (UTLM -0.73%) posted meager losses, while Steel makers (ALMK +1.20%, AZST +0.52%, ENMZ +1.02%) and Centerenergo (CEEN +0.26%) bucked the general trend.

Among Ukrainian stocks listed on the London Stock Exchange, Regal Petroleum (RPT LN -5.17%) and Ferrexpo (FXPO LN -2.12%) were the most notable losers, while other names posted gains: CAD LN +3.95%, JKX LN +0.28%, MHPC LI +0.59%. In Warsaw, Astarta (AST PW -2.6%) slid, Kernel (KER PW -0.08%) lost a fraction and Agroton (AGT PW) closed flat.


Politics: Ukrainian parliamentary election pushed until 2012
Macro: Ukraine’s government forecasts 4.5% Y-o-Y GDP growth in 2011

Daily Market Brief

Market Comment

Investors were in a bullish mood on Ukrainian equity markets Thursday (Nov.18) as global sentiment was lifted by hopes of an Irish bailout. The UX exchange grew 2.87%, boosted by gains in metals and mining shares. Trading volume reached an impressive UAH 195 mln. Alchevsk Steel (ALMK) hit a new high, skyrocketing 8.12%. Other names in the sector showed milder growth: AVDK +1.79%, AZST +4.27%, ENMZ +1.51%, YASK +2.04%. Motor Sich (MSICH +3.23%), Ukrnafta (UNAF +4.27%) and Ukrtelecom (UTLM +3.27%) also rose sharply. Banks (BAVL +2.22%, USCB +0.83%) and GenCos (CEEN +0.85%, ZAEN +2.71%) followed the general upward trend.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) was the only name to close in the red – the stock price fell on concerns over the company’s licensing issues. JKX Oil & Gas (JKX LN +1.38%), Cadogan Petroleum (CAD LN +2.7%), MHP (MHPC LI +2.42%) and Ferrexpo (FXPO LN +0.88%) continued to gain ground. On the Warsaw Stock Exchange, Agroton (AGT PW) soared 3.03%, while Kernel (KER PW -2.83%) extended losses.


Macro: Ukraine’s Parliament approves new Tax Code
Fixed Income: Mriya cancels Eurobond placement

Daily Market Brief

Market Comment

Volatile trading was observed on Ukrainian equity markets Wednesday (Nov. 17). The UX exchange opened lower, but recovered early losses in a second half rally to close 1.25% higher. Trading volume was above average at UAH 140 mln. Alchevsk Steel (ALMK +3.36%), Motor Sich (MSICH +3.33%) and Ukrnafta (UNAF +3.95%) contributed most to the index’s growth. Coke producers (AVDK +0.33%, YASK +0.75%) reversed to gains, while banks (BAVL -0.58%, USCB -1.02%) and steel makers (AZST -0.19%, ENMZ -0.52%) extended losses. GenCos showed mixed dynamics: Centerenergo (CEEN) inched up 0.12%; Zakhidenergo (ZAEN) slid 1.87%.

Among Ukrainian stocks listed on international markets, oil and gas names closed flat (JKX LN +0.17%, CAD LN unch, RPT LN unch). Other London-listed stocks posted solid gains: FXPO LN +3.49%, MHPC LI +1.23%. In Warsaw, agriculture and food processing stocks sank with Kernel (KER PW -4.92%) suffering the most significant blow, and Agroton (AGT PW -2.62%) and Astarta (AST PW -1.6%) also taking a dive.


Fixed Income: FUIB’s merger with Dongorbank scheduled for 2H11
Oil & Gas: Regal Petroleum suspends production in Ukraine

Daily Market Brief

Market Comment

Ukrainian equity markets declined Tuesday (Nov. 16), dragged lower by negative sentiment from global markets. The UX exchange lost 1.71% as investors’ concerns over European sovereign debt took its toll. Activity was high – trading volume came in at UAH 187 mln. Blue chips closed broadly lower led by Motor Sich (MSICH -3.34%). Banks followed suit with Raiffeisen Bank Aval (BAVL) shedding 2.04% and Ukrsotsbank (USCB) declining 2.17%. Metals and mining stocks posted moderate losses: AVDK -1.66%, AZST -1.92%, ENMZ -1.45%, YASK -0.77%. Most other top names mirrored the broad market trend: CEEN -1.29%, UNAF -0.98%, UTLM -1.63%.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) jumped 5.36%, while Cadogan (CAD LN -3.9%) and JKX Oil & Gas (JKX LN -2.15%) closed significantly lower. Investors fixed profits on Ferrexpo (FXPO LN -8.1%), pushing the price lower. Among agriculture and food processing stocks, only Kernel (KER PW +0.39%) managed to stay on the positive side, while Agroton (AGT PW -1.39%), Astarta (AST PW -2.25%) and MHP (MHPC LI -1.21%) lost in price.


Macro: Ukraine’s industrial output grows 10.2% Y-o-Y in October
Macro: IMF mission approves second tranche to Ukraine
Fixed Income: Ukraine’s President appoints new Head of Kiev City State Administration
Fixed Income: MHP reports 4.3 times increase in net profit

Daily Market Brief

Market Comment

Ukrainian equity markets began the week on the rise yesterday (Nov.15), boosted by positive news from international markets. The UX exchange (+2.03%) traded sideways in the first half of the session, but moved higher after the opening of US markets. Stocks changed hands actively bringing total trading volume to UAH 125 mln. Motor Sich (MSICH) took the spotlight for a second straight day – the stock soared 6.57%. Investors made moves for Ukrnafta (UNAF +2.21%), Ukrsotsbank (USCB +3.22%) and Yasynivka (YASK +3.99%), pushing prices higher. GenCos (CEEN +1.84%, ZAEN +0.21%) and most metal and mining stocks (ALMK +1.22%, AVDK +0.65%, AZST +0.61%) mirrored the general positive trend. Only a few stocks closed in the red, led by Raiffeisen Bank Aval (BAVL -1.32%) and trailed by Ukrtelecom (UTLM -0.22%) and Enakievo Metallurgical Plant (ENMZ -0.09%).

Ukrainian stocks listed on international markets closed mixed. Cadogan Petroleum (CAD LN) plunged 6.1%, while Regal (RPT LN) and JKX Oil & Gas (JKX LN) closed flat. Other London-listed shares finished in positive territory: Ferrexpo (FXPO LN) jumped 3.59% and MHP (MHPC LI) inched up 0.61%. In Warsaw, Astarta (AST PW) and Kernel (KER PW) posted strong gains of 2.5% and 1.17% respectively, while Agroton (AGT PW) slid 0.83%.

On fixed income -- the IMF mission to Ukraine recently announced that the country would receive the second $1.6 billion tranche of funding from its large loan agreement by month's end. This should have a positive impact on Ukrainian Eurobond prices, especially on the back of recent yield increases on the back of Ireland's developments.

Macro: Ukraine’s GDP grows 3.5% Y-o-Y
Fixed Income: Moody’s upgrades credit rating outlook for DTEK
Oil & Gas: JKX reports decline in production

Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed Friday (Nov. 12) with the UX exchange adding 0.05% and PFTS declining 0.13%. The UX opened sharply lower on negative sentiment out of China, but rallied throughout the day to finish in the black. Trading volume was relatively high for a Friday at UAH 113 mln. Motor Sich (MSICH +1.99%) was the index’s heaviest contributor. Other gainers included Alchevsk Steel (ALMK +0.55%), Centerenergo (CEEN +0.11%) and Ukrnafta (UNAF +0.11%). Ukrtelecom (UTLM -1.48%) showed the weakest performance with Zakhidenergo (ZAEN -0.94%) following close behind. Banking (BAVL -0.76%, USCB -0.88%) and metals and mining shares (AVDK -0.15%, AZST -0.23%, ENMZ -0.46%, YASK -0.42%) also traded in negative territory.

Among Ukrainian stocks listed on the London Stock Exchange, only JKX Oil & Gas (+0.46%) managed to eke out a small gain. Ferrexpo (FXPO LN -4.22%) retreated after the previous day’s rally, Regal petroleum (RPT LN) lost 1.75% and MHP (MHPC LI) slid 0.61%. Stocks closed mixed on the Warsaw Stock Exchange: Agroton (AGT PW) and Kernel (KER PW) jumped 3.28% and 3.64% respectively, while Astarta (AST PW) declined 1.64%.


Politics: Ukraine’s President appoints opposition ally

Daily Market Brief

Market Comment

Ukrainian equity markets traded sideways on Thursday (Nov.11). The UX exchange hovered over the flat line most of the day to close 0.10% lower. Trading volume declined compared to the previous sessions, but remained rather high at UAH 128 mln. Zakhidenergo (ZAEN) came into the spotlight rising 4.68%, with Ukrsotsbank (USCB +1.14%) following close behind. Coke producers (AVDK +0.02%, YASK +0.24%),

Raiffeisen Bank Aval (BAVL +0.13%) and Motor Sich (MSICH +0.01%) all eked out small gains. Ukrtelecom (UTLM -1.15%) was the most prominent loser among blue chips, while steel makers (ALMK -0.75%, AZST -0.56%, ENMZ -0.65%) posted moderate losses. Centerenergo (CEEN -0.04%) and Ukrnafta (UNAF -0.09%) both lost a fraction.


Ukrainian stocks listed on international markets closed mixed. Ferrexpo showed the best performance skyrocketing 10.97%. The reason for such a remarkable gain was the approval of an expansion program for a total amount of $647 mln. Among oil and gas names JKX (JKX LN) advanced 1.12%, while Cadogan (CAD LN) and Regal Petroleum (RPT LN) lost 1.22% and 3.39% respectively. The latter lost in price after an official announcement confirming an unfavorable court decision. As for agricultural and food processing companies, Agroton (AGT PW) and Astarta (AST PW) did not trade due to an exchange holiday, while MHP (MHPC LI +2.36%) closed stronger.


Macro: Net FX inflow in Ukraine amounts to $500 mln in November
Fixed Income: Kiev to borrow UAH 500 mln from Ukreximbank
Equities: Yasynivka Coke’s parent finds coke consumers abroad

Daily Market Brief

Market Comment

Ukrainian equity markets swung between gains and losses on Wednesday (Nov. 10). The UX exchange opened lower but rebounded closer to the end of the session to finish 0.03% higher. Trading volume was relatively high at UAH 130 mln. Ukrnafta (UNAF) and Zakhidenergo (ZAEN) were among the best performers soaring 2.82% and 2.68% respectively. Other gainers included Motor Sich (MSICH +0.35%), Ukrsotsbank (USCB +1.92%) and Ukrtelecom (UTLM +0.06%). Metals and mining stocks lost in price: ALMK -1.67%, AVDK -1.70%, AZST -0.93%, ENMZ -0.98%, YASk -0.56%. Reiffeisen Bank Aval (BAVL -1.22%) and Centrenergo (CEEN -1.61%) also came under pressure.

Among Ukrainian stocks traded on international markets, oil and gas names posted solid gains: CAD LN +2.5%, JKX LN +2.04%, RPT LN +3.51%. As for other London-listed shares, Ferrexpo (FXPO LN) plunged 3.77%, while MHP (MHPC LI) eked out a small gain of 0.81%. In Warsaw Astarta (AST PW -0.06%) and Agroton (AGT PW -0.98%) edged lower, while Kernel (KER PW +3.35%) pared the previous day’s losses.


Fixed Income: Ferrexpo shelves Eurobond placement

Daily Market Brief

Market Comment

Ukrainian equity markets wavered between gains and losses on Tuesday (Nov.9). The UX exchange closed 0.69% higher on a high trading volume of UAH 150 mln. Zakhidenergo (ZAEN -7.48%) dragged the index lower, but solid gains in Centrenergo (CEEN +2.82%) and Ukrsotsbank (USCB +3.48%) shares offset losses. Most metals and mining stocks closed stronger: ALMK +1.56%, AZST +0.37%, YASK +0.90%. Motor Sich (MSICH +0.85%), Ukrnafta (UNAF +1.18%) and Ukrtelecom(UTLM +0.81%) followed suit. Avdiyivka Coke (AVDK -0.20%), Reiffesen Bank Aval (BAVL -0.40%) and Enakievo Steel (ENMZ -0.50%) posted slim losses.

Ukrainian stocks listed on the London Stock Exchange traded higher. JKX Oil & Gas (JKX LN) set the pace, soaring 4.35%. Cadogan Petroleum (CAD LN) added 1.27%, Ferrexpo (FXPO LN) advanced 1.78% and MHP (MHPC LI) gained 0.69%. In Warsaw, new Agroton (AGT PW) shares jumped 5.76%, Astarta (AST PW) climbed 1.15%, while Kernel (KER PW) slid 2.05%.


Fixed Income: Ferrexpo to renew Eurobonds offering
Fixed Income: FUIB receives bondholders consent for merger

Daily Market Brief

Market Comment

Ukrainian equity markets started the week in a bearish mood on Monday (Nov 8) pulling back from last week’s rally. The UX exchange plunged 3.10% on a high trading volume of UAH 193 mln. Metals and mining stocks (AVDK -0.74%, AZST -2.90%, ENMZ -4.02%) and GenCos (CEEN -3.41%) traded lower, led by Alchevsk Steel (ALMK -7.63%) and Zakhidenergo (ZAEN -8.5%). Ukrtelecom (UTLM -3.8%) also was among the biggest laggards, the trend was also followed by banks (BAVL -4.03%, USCB -2.8%), Motor Sich (MSICH -1.23%) and Ukrnafta (UNAF -1.96%).

Among Ukrainian stocks listed on international markets Regal Petroleum (RPT LN) was the hardest hit , losing 6.56%. Cadogan Petroleum (CAD LN) and JKX Oil & Gas (JKX LN) posted strong gains of 1.28% and 4.84% respectively. Ferrexpo (FXPO LN +1.01%) closed firmer while food processing stocks showed mixed dynamics: MHPC LI -0.13%, AST PW -0.06%, KER PW +0.91%.
Agroton (AGT PW) shares started trading yesterday on Warsaw Stock Exchange. The company completed IPO of 26.2% stake last month.


Macro: Ukraine’s inflation decelerates to 0.5% M-o-M
Macro: Ukraine’s domestic production grows 5%
Macro: Corporate income tax to decrease to 23% in 2011

Daily Market Brief

Market Comment

Ukrainian equity markets closed stronger on Friday (Nov 5) boosted by upbeat unemployment statistics from the US. The UX exchange rose steadily during the day to finish 2.71% higher. Trading volume hit a new high of UAH 267 mln. Particular attention was paid to Zakhidenergo (ALMK) - the stock skyrocketed 18.09%. Other metals and mining stocks also weighed on broader market: AVDK +0.08%, AZST+6.58%, ENMZ +8.68%, YASK+6.09%. Other blue chips posted solid gains: CEEN +1.15%, MSICH +3.48%, UNAF +0.61%, USCB +5.57%, UTLM +1.63%. Reiffeisen Bank Aval (BAVL -0.05%) was the only blue chip to close in the red.

Among Ukrainian stocks, listed on international exchanges, oil and gas names moved in opposite directions: Regal Petroleum (RPT LN) gained 3.39%, while JKX Oil & Gas (JKX LN) and Cadogan Petroleum (CAD LN) lost 2.31% and 1.27% respectively. Ferrexpo (FXPO LN) added 2.27%. As for food processing stocks, Kernel slid 1.79%%, while Astarta (AST PW) inched up 0.77% and MHP (MHP LI) climbed 0.32%.


Macro: Budget deficit reaches UAH 52.8 bln over 9M10
Macro: Ukraine’s industry grows 11.5% Y-o-Y in October.

Daily Market Brief

Market Comment

Ukrainian equity markets closed on the upswing on Tuesday (Nov.2). The UX exchange opened in the red, but edged higher on upbeat sentiments from global markets. Trading activity also rose – total trading volume reached almost UAH 144 mln. Motor Sich (MSICH) hit a new high jumping 4.04%. Other gainers included Avdiivka Coke (AVDK +0.09%), Ukrnafta (UNAF +0.23%) Ukrsotsbank (USCB +0.99%) and Zakhidenergo (ZAEN +0.35%). Metals and mining stocks were among the most prominent losers: ALMK -2.75%, AZST -0.50%, ENMZ -1.65%, YASK -1.57%. Reiffeisen Bank Aval (BAVL), Centrenergo (CEEN) and Ukrtelecom(UTLM) came under pressure, losing 0.07%, 0.56% and 1.04% respectively.

Ukrainian stocks listed on international markets showed mixed dynamics. Among oil and gas companies, Regal Petroleum (RPT LN) skidded 9.68%, JKX Oil & Gas (JKX LN) advanced 1.03%, Cadogan Petroleum (CAD LN) hugged to the flat line. Ferrexpo (FXPO LN) inched up 0.21% while food processing stocks slid: KER PW -0.64%, MHPC LI -0.64%.


Fixed Income: Fitch assigns a B- issuer default rating to Rise
Metals and Mining: FXPO and SGOK decrease production M-o-M in October
Agriculture: Mriya plans to increase its landbank to 650,000 ha by 2013

Daily Market Brief

Market Comment

It was a seesaw day on for Ukrainian equity markets Monday (Nov 1). The UX exchange closed 0.36% higher with gains in the banking sector (BAVL +1.48%, USCB +2.66%) offsetting losses for in metals and mining shares (ALMK -4.25%, AVDK -1.68%, AZST -1.31%, YASK -1.85%). Trading activity was moderate – total volume came in at UAH 94 mln. Motor Sich (MSICH) and Ukrnafta (UNAF +2.13%) outperformed the market, while Ukrtelecom (UTLM -0.97%) and GenCos (CEEN -1.33%, ZAEN -0.62%) turned lower.

Ukrainian stocks listed on international markets closed mixed. Ferrexpo (FXPO LN) rebounded after its recent loss to close 3.12% higher. Among oil and gas names, Regal Petroleum (RPT LN) slid 1.59%, JKX Oil & Gas (JKX LN) added 0.21%, and Cadogan Petroleum (CAD LN) closed flat. Food processing stocks extended losses: MHPC LI -1.27%, KER PW -1.19%.


Fixed Income: Fitch assigns a B- credit rating to Mriya
Fixed Income: Ukraine’s sovereign agency sells Eurobonds for $568 m
Metals and Mining: Ukraine’s coke output rises 6% in October
Metals and Mining: Khartsyzsk Tube plant decreases production by 23% M-o-M in October
Agriculture: Ukraine considers lifting export quotas for countries having free trade agreements with Ukraine

Daily Market Brief

Market Comment

Ukrainian equity markets swung between gains and losses Friday (Oct 29) . The UX exchange (+1.62) traded in the red, but reversed to gains closer to the end of the session. Trading volume was moderate and totaled UAH 90 mln. Motor Sich (MSICH) and Ukrnafta (UNAF) showed remarkable gains adding 4.02% and 3.85% respectively. Metals and mining stocks closed mixed: ALMK -0.8%, AVDK -1.83%, AZST +0.66%, ENMZ -0.03%, YASK unch. Banks (BAVL +0.78%, USCB +1.64%) and GenCos (CEEN +0.75%, ZAEN +0.56%) moved higher, Ukrtelecom (UTLM) advanced +0.94%.
Most stocks listed on international exchanges followed a negative trend with Ferrexpo (FXPO -2.23%) setting the pace. Oil and Gas names ranked losses with Regal (RPT LN) declining 1.56%, JKX Oil and Gas (JKX LN) dropping 0.39%. Food processing stocks also lost ground: KER PW -1.19%, MHP LI -0.06%.


Macro: Budget deficit reaches UAH52.8 bln
Fixed Income: Nadra Bank needs UAH8.3 bln in new capital
Metals and Mining: Ukraine’s steelmakers fail to meet output target for October
Agriculture: Ivano-Frankivsk Region to almost triple the sown area under sugar beet

Daily Market Brief

Market Comment

Ukrainian equity markets closed in the red on Tuesday (Oct 26). The UX exchange ended 0.14% lower in volatile trading. Activity declined – total volume came to UAH 78 mln. Ukrstosbank (USCB) and Zakhidenergo (ZAEN) were among the biggest laggards losing 1.23% and 1.09% respectively. Metals and mining stocks showed mixed dynamics: ALMK -0.35%, AVDK +0.31%, AZST +0.37%, ENMZ -0.26%, YASK -0.78%. As for other blue chips, Reiffeisen Bank Aval (BAVL -0.05%), Centrenergo (CEEN -0.06%) and Ukrtelecom (URLM -0.15%) lost a minor fraction, while Motor Sich (MSICH +0.53%) and Ukrnafta (UNAF +0.16%) added ground.

Ukrainian stocks listed on international markets closed mixed. Regal Petroleum (RPT LN -6.94%) reversed to losses, other oil and gas names also declined: CAD LN -1.16%, JKX LN -0.5%. Food processing stocks (MHPC LI +1.13%, AST PW +0.47%, KER PW +0.32%) enjoyed investors demand.

Ukrainian Eurobonds were under pressure during the entire session. Sovereigns significantly lost in price. Benchmark Ukraine’20 lost a point and landed at 101.25. Municipal issues traded down. CITKIE’15 closed at 93.25. Corporates also shed lower.


Macro: Total public debt rises to $51.1 bln in September

Daily Market Brief

Market Comment

Ukrainian equity markets closed in the red on Tuesday (Oct 26). The UX exchange ended 0.14% lower in volatile trading. Activity declined – total volume came to UAH 78 mln. Ukrstosbank (USCB) and Zakhidenergo (ZAEN) were among the biggest laggards losing 1.23% and 1.09% respectively. Metals and mining stocks showed mixed dynamics: ALMK -0.35%, AVDK +0.31%, AZST +0.37%, ENMZ -0.26%, YASK -0.78%. As for other blue chips, Reiffeisen Bank Aval (BAVL -0.05%), Centrenergo (CEEN -0.06%) and Ukrtelecom (URLM -0.15%) lost a minor fraction, while Motor Sich (MSICH +0.53%) and Ukrnafta (UNAF +0.16%) added ground.

Ukrainian stocks listed on international markets closed mixed. Regal Petroleum (RPT LN -6.94%) reversed to losses, other oil and gas names also declined: CAD LN -1.16%, JKX LN -0.5%. Food processing stocks (MHPC LI +1.13%, AST PW +0.47%, KER PW +0.32%) enjoyed investors demand.


Macro: The NBU estimates economic growth at 5% Y-o-Y over 9M10
Macro: Current account deficit decreases to $259 mln
Agriculture: Ukrainian grain trader Nibulon suspends procurement of grain

Daily Market Brief

Market Comment

Ukrainian equity markets closed firmer on Monday (Oct. 25) boosted by positive sentiment from the global markets and generally positive financial results in Ukrainian corporate sector. The UX exchange added 1.20% on a solid trading volume of UAH 91.5 mln. Centrenergo (CEEN +3.09%) and Ukrnafta (UNAF +2.69%) outperformed the market and took their place among the top advancers. Coke producers (AVDK +1.15%, YASK +1.66%) also made noteworthy moves. Steel names (ALMK +0.84%, AZST +0.66%, ENMZ +0.47%) posted slim gains along with Reiffeisen Bank Aval (BAVL +0.68%), Motor Sich (MSICH +0.64%) and Ukrtelecom (UTLM +0.04%). Ukrsotsbank (USCB) and Zakhidenergo (ZAEN) bucked the general trend to lose 0.84% and 0.35% respectively.

Most Ukrainian stocks traded on international markets strengthened. Regal Petroleum (RPT LN) took the limelight jumping 16%. Other oil and gas names showed mixed dynamics: JKX Oil & Gas added 0.77%, Cadogan Petroleum (CAD LN) closed flat. MHP (MHPC LI -0.99%) and Ferrexpo (FXPO LN -0.09%) finished little changed. Food processing stocks listed on the Warsaw Stock Exchange advanced: AST PW +2.49%, KER PW +0.98%.

Monday trading was calm. Good demand was observed for sovereigns. Ukraine’20 added half a point. Corporates remained flat. The newly issued Avangard bond lost 1.5 point in price during the trading session.

Fixed Income: Avangardco raises $200 mln in Eurobond offering
Oil & Gas: Ukrnafta reports stronger financials
Banks: VAB Bank records net loss of UAH 93.7 mln in Q3
Banks: Alfa Bank Ukraine shows marginal net profit in Q3
Agriculture: MHP has acquired 100% shares in Ridny Kray, LLC

Daily Market Brief

Market Comment

Trading on Ukrainian equity markets was choppy ahead of the G20 meeting. The UX exchange lost 0.76% on a moderate trading volume of UAH 78 mln. Metals and mining stocks showed the weakest performance: ALMK -2.54%, AVDK -0.89%, AZST -2.10%, ENMZ -1.68%, YASK -2.31%. Investors took a loss on recent gains in banking shares (BAVL -0.87%, USCB -1.67%). Other blue chips were also dragged lower: MSICH -0.33%, UTLM -1.32%. ZAEN -0.59%. Only Centrenergo (CEEN +0.03%) and Ukrnafta (UNAF +0.19%) managed to creep into positive territory.

Ukrainian stocks listed on international markets moved in the opposite direction. Among oils and gas shares, Regal Petroleum (RPT LN) recovered a further 5.09%, Cadogan Petroleum (CAD LN) gained a solid 1.18%, JKX Oil & Gas (JKX LN) slipped 1.03%. Other London-listed stocks eked out small gains: FXPO LN +0.03%, MHPC LI +0.13%. In Warsaw, Astarta (AST PW) inched up 0.14% and Kernel (KER PW) declined 1.37%.


Macro: Foreign direct investments rise 8% over 9M10
Metals and Mining: MMKI to cut purchases of coke at YASK twice in October

Daily Market Brief

Market Comment

Ukrainian equity markets extended gains on Thursday (Oct. 21) fueled by investor’s optimism. Active trading was observed on the UX exchange (+1.65%) – total volume reached UAH 131.5 mln. Stocks rose across the board led by strength in banks (BAVL +2.10%, USCB +3.84%) and coke producers (AVDK +3.28%, YASK +1.24%) Motor Sich (MSICH +1.58%), Ukrnafta (UNAF +1.35%) and Ukrtelecom (UTLM +1.15%) were also among the best performers. Steel names (ALMK +0.55%, AZST +0.86%, ENMZ +1.09%) and GenCos (CEEN +2.50%, ZAEN +0.06%) moved with the overall market trend.

Most Ukrainian stocks listed on international markets closed little changed yesterday. Only Regal Petroleum (RPT LN) added solid gains 1,7% and JKX Oil & Gas (JKX LN) declined 0.99%. Ferrexpo (FXPO LN) inched up 0.06%, MHP (MHPC LI 0.4%), Kernel (KER PW -0.48%) and Astarta (AST PW -0.28%) closed slightly lower.

Ukrainian Eurobonds trading was inactive. Corporates traded slightly lower. PRBANK’15 traded down at 100.125. Sovereigns were higher at the beginning of the day but went lower as well. Ukraine 2020 dropped to 101.875.


Fixed Income: Ukraine’s banks release 3Q10 financials
GenCos: Donbassenergo reports net loss of UAH 4 mln in 3Q 2010
Metals and Mining: North Ore Mining and Processing Plant to decrease output in October-November

Daily Market Brief

Market Comment

Ukrainian equity markets moved higher on Wednesday (Oct 20) rebounding after the steep losses of previous sessions. The UX exchange advanced 1.48% led by gains in banking (BAVL +3.78%, USCB +1.84%) and energy stocks (CEEN +2.57%, ZAEN +2.46%). Trading volume was relatively high at UAH 109 mln. Metals and mining companies also fueled the broader market: AVDK +0.97%, AZST +0.95%, ENMZ +1.12%, YASK +0.37%. Motor Sich (MSICH +1.59%) and Ukrnafta (UNAF +0.89%) moved along with the broader market, while Alchevsk Steel (ALMK -0.28%) and Ukrtelecom(UTLM -0.23%) were among few stocks that closed in the red.

Ukrainian stocks listed on international markets showed mixed dynamics. Regal Petroleum (RPT LN) came into the spotlight gaining 11.54% as investors brushed off some of the previous day's gloominess. As for other oil and gas companies, Cadogan Petroleum (CAD LN) slipped 3.45%, while JKX Oil & Gas climbed 0.7%. Ferrexpo (FXPO LN +0.15%) and MHP (MHPC LI -0.39%) closed little changed. In Warsaw Astarta (AST PW +1.05%) extended gains while Kernel (KER PW -2.96%) came under selling pressure.

In the first half of the trading session Ukrainian bonds continued their decline. Sovereigns moved down slightly. Corporates were not in good demand. But by the end of the day sovereigns managed to increase in price on line with positive market sentiment and buyers for corporate appeared on the market.


Oil & Gas: Ukrnafta November oil supplies priced at $63/bbl
Oil & Gas: Ukrnafta to increase gas realizations to industrial users
Metals and Mining: ALMK fails to provide iron ore supplies for October
Agriculture: Sintal continues its elevator expansion

Daily Market Brief

Market Comment

Ukrainian equity markets edged lower Tuesday (Oct 19) as news of a rate hike in China brought negative sentiment on global markets. The UX exchange tumbled 1.39% on solid trading volume of UAH 122 mln. Stocks were in a tailspin led by drop in Ukrsotsbank (USCB -3.63%) and Motor Sich (MSICH -2.67%) shares. Metals and mining stocks also took a dip: ALMK -2.15%, AVDK -1.79%, AZST -1.74%, ENMZ -2.01%, YASK -2.52%. Ukrnafta (UNAF) and Ukrtelecom (UTLM) slumped -1.38% and -2.38% respectively, while GenCos (CEEN +0.34%, ZAEN -0.54%) closed little changed.

Most Ukrainian stocks traded on international markets weakened. Regal Petroleum (RPT LN) took the hardest hit losing 13,33% on the news about company’s drilling issues (for details please refer to the article below). Other London-listed shares also finished on the negative territory: JKX Oil & Gas (JKX LN) slid 2.76%, Ferrexpo (FXPO LN) dropped 0.21%, MHP (MHPC LI) shed 0.59%. In Warsaw, food processing stocks hovered over the flat line (AST PW +0.07%, KER PW unch.).


Oil & Gas: Regal Petroleum reports technical issues

Daily Market Brief

Market Comment

Ukrainian equity markets closed in the red Monday (Oct. 18), ignoring firmer cues from global exchanges. The UX exchange closed 1.26% lower on volatile trading. Activity was rather high with total volume reaching UAH 96 mln. Stirol (STIR -4.64%) led the broad market decline, with banks (BAVL -1.71%, USCB -2.67%), Motor Sich (MSICH -2.49%) and Ukrtelecom (UTLM -2.54%) tailing along. Metals and mining stocks posted modest losses: ALMK -1%, AVDK -0.58%, AZST -0.44%, ENMZ -0.99%, YASK -0.91%. GenCos showed mixed dynamics: Centerenergo (CEEN -0.73%) slid, while Zakhidenergo (ZAEN +0.64%) was the only blue chip to close in the black.

Ukrainian stocks listed on international markets extended declines. Only MHP (MHPC LI +0.59%) managed to wrestle back some of the previous day’s losses. Cadogan (CAD LN -4.4%) and Regal Petroleum (RPT LN -4.76%) were the most prominent losers. Ferrexpo (FXPO LN) and Astarta (AST PW) slipped 2.52% and 3.38% respectively. JKX Oil & Gas (JKX LN -0.16%) and Kernel (KER PW) saw a slight dip.

Ukrainian Eurobonds traded actively on volatile pricing yesterday. Investors zeroed in on sovereigns, which slid early in the session only to climb out of the rut later in the day. Ukraine 20 closed out at 103.125 and NAFTO managed to recover to 109.25. Municipal issues moved down slightly on low trading volumes. CITKIE 15 landed at 95. Corporates were largely inactive and banking names remained flat – only FIUKR lost in price, sliding to 98.375.


Macro: Ukraine’s government to repay UAH 53.5 bln in 2011
Oil & Gas: Cadogan reports formal resolution of license issues
Food processing: Ukraine eases duties on meat imports

Daily Market Brief

Market Comment

Trading was turbulent on Ukrainian stock exchanges Friday (Oct. 15). The UX exchange fell sharply from the opening as investors jockeyed for position ahead of Ben Bernanke’s announcement of possible quantitative easing by the Fed. Stocks shot up following Bernanke’s statement that further action by the Fed is warranted; however, the rally was short-lived as the exchange sunk in the closing hour. As a result, the UX finished down 0.49% on a high total trading volume of UAH 112 mln. Stirol (STIR -3.23%) and Stahanov Car Production Facility (SVGZ -1.39%) led the decline. Metals and mining names faded late (ALMK -0.53%, AZST -1.35%, YASK -1.13%, ENMZ -0.22%), while GenCos closed out mixed (CEEN -0.47%, ZAEN +0.36%). It was a seesaw day for banking stocks. Raiffeisen Bank Aval (BAVL -0.8%) and Ukrsotsbank (USCB -1.07%) slid, and Forum Bank (FORM +0.14%) just managed to keep its head above water.
Ukrainian stocks listed on international exchanges charted a predominantly downward course. Oil and gas names finished mixed. JKX Oil & Gas (JKX LN -1.09%) and Regal Petroleum (RPT LN -3.07%) suffered notable losses, and Cadogan Petroleum (CAD LN +2.25%) posted a solid gain. Food processing names took their lumps. MHP shed 0.46%, Kernel (KER PW) slumped 0.76% and Astarta (AST PW) tumbled 3.27%.
On the heels of Thursday’s correction, prices for Ukrainian Eurobonds rebounded slightly at the beginning of Friday’s trading session. However, sovereigns were unable to sustain momentum and traded down later in the day: Ukraine 20 closed at 103.25 and NAFTO traded down at 109.875. Corporates were largely inactive. Banking names lost slightly in price. Only municipals managed to add; CITKIE 15 reached 95.5 on a low trading volume.


Macro: Ukraine’s industrial output grows 10.8% in September
Fixed Income: Ukreximbank raises $250 mln in additional offering

Daily Market Brief

Market Comment

Ukrainian equity markets saw sideways trading Monday (Oct. 11). The UX exchange shot up from the opening bell, but lost momentum to close only 0.25% higher. Total trading volume was thin at UAH 54 mln. Zakhidenergo (ZAEN) fronted blue chips’ gains, adding 1.07% on the day. Most metals and mining stocks (ALMK +0.26%, AVDK +0.07%, AZST +0.51%, ENMZ +0.32%) rose modestly in line with the broad market advance. Yasynivka Coke (YASK -0.34%) was among the few stocks to tally a loss. Centerenergo (CEEN +0.11%), Motor Sich (MSICH +0.23%), Ukrnafta (UNAF +0.35%) and Ukrtelecom (UTLM +0.24%) added a fraction. Banks (BAVL -0.09%, USCB -0.02%, FORM +0.37%) hovered around the flat line.

Ukrainian stocks listed on international markets closed mixed. Among oil and gas stocks, Cadogan Petroleum (CAD LN) slid 2.36%, JKX Oil & Gas (JKX LN) surged 2.5% and Regal Petroleum (RPT LN) traded flat. Ferrexpo (FXPO LN) and MHP (MHPC LI) added 0.75% and 0.93% respectively. In Warsaw, Astarta (AST PW) lost 1.54%, while Kernel (KER PW) posted a solid 1.08% gain.

Activity on the Ukrainian Eurobond market was limited yesterday due to the Columbus Day holiday in the US.


Fixed Income: Moody’s revises Ukraine’s rating outlook upwards

Daily Market Brief

Market Comment

Ukrainian equity markets closed lower on volatile trading Friday (Oct. 8). The UX exchange (-0.66%) dropped from the opening bell and traded sideways throughout the session. Total trading volume slid back to a moderate level of UAH 70.8 mln. All names in the index basket declined with Raiffeisen Bank Aval (BAVL -0.94%), Forum Bank (FORM -1.8%), Stirol (STIR -1.41%) and Ukrtelecom (UTLM -1.49%) leading the fall. Metals and mining stocks forfeited the previous session’s gains (ALMK -1.1%, AVDK -0.71%, AZST -0.47%, ENMZ -1.05%).

Ukrainian stocks listed on international markets traded in the doldrums. Oil and gas names were among the biggest laggards with JKX Oil & Gas (JKX LN) losing 3.15%, Regal Petroleum (RPT LN) dropping 2.82% and Cadogan Petroleum (CAD LN) sliding 2.27%. Other London-listed stocks posted modest losses: FXPO LN -0.63%, MHPC LI -0.33%. Food-processing stocks listed in Warsaw came under selling pressure: AST PW -1.65%, KER PW -0.84%.

Activity on the Ukrainian Eurobond marked centered on sovereign issues on Friday. All names on the curve were hit several times during the session, resulting in a loss in of at least a quarter point for sovereign issues. As there was no significant news regarding sovereign debt, the selloff was likely the result of end-of-the-week profit taking after a substantial price increase seen earlier. Corporates bucked the sovereign trend by closing slightly higher.


Politics: Ukraine’s Parliament put back in order
Fixed Income: Fitch assigns ‘B’ to Avangard’s Eurobond offering
Metals and Mining: Yasynivka Coke raises $40 mln from Prominvestbank
Agriculture: Landkom’s wheat yield down to 3 tonnes per ha

Daily Market Brief

Market Comment

Ukrainian equity markets were buoyed by improved sentiment Wednesday (Oct. 6). The UX exchange climbed 1.02% on a high total trading volume of UAH 135 mln. Alchevsk Steel (ALMK +1.26%), GenCos (CEEN +1.39%, ZAEN +1.08%), Motor Sich (MSICH +1.07%) and Ukrtelecom (UTLM +1.76%) outperformed the market. Steel producers (AZST +0.43%, ENMZ+0.93%) and Ukrnafta (UNAF +0.99%) also contributed to the broad market advance, while banks (BAVL +0.26%, USCB -0.15%) and coke producers (AVDK +0.27%, YASK -0.28%) waivered around the flat line.

On international markets, Ukrainian shares pared the previous day’s losses. JKX Oil & Gas (JKX LN -1.05%) was the only stock to finish in negative territory. Ferrexpo (FXPO LN) was the stock of the day surging 5.31%.

Cadogan (CAD LN +1.3%) and Regal Petroleum (RPT LN +2.70%) closed significantly higher, while food processing stocks (MHPC LI +0.34%, KER PW +0.38%, AST PW +0.68%) eked out small gains.

Ukrainian Eurobonds rallied yesterday. Long-end sovereigns added almost a point, as did NAFTO. Corporates were in very good demand, closing up a quarter to a half point. Banking names also caught investors’ attention: ALFAUA traded at 103 and FUIKR at par.


Macro: FX interbank market shows net demand in September
Fixed Income: FUIB requests bondholders amend Eurobond conditions

Daily Market Brief

Market Comment

Ukrainian equity markets continued their losing streak Tuesday (Oct. 5). The UX exchange opened with yet another dramatic slide, but recovered in the afternoon to close only 0.69% lower. Trading volume was extremely high, reaching nearly UAH 191 mln. Most blue chips came under pressure, with Avdiivka (AVDK +1.90%), UkrSibbank (USCB +0.95%) and Zakhidenergo (ZAEN +0.02%) managing to buck the broad market trend. Investors hammered metals and mining stocks: ALMK -0.59%, AZST -0.86%, ENMZ -1.75%, YASK -2.09%. Raiffeisen Bank Aval (BAVL -0.47%), Centerenergo (CEEN -0.21%), Ukrnafta (UNAF -0.15%) and Ukrtelecom (UTLM -0.98%) surged late but could not manage to find positive territory.

Ukrainian stocks listed on international markets traded predominantly in the red. Regal Petroleum was the notable exception; the stock recovered 10.45% from last week’s sell-off. Other oil and gas names closed significantly lower with Cadogan (CAD LN) losing 1.3%, JKX Oil & Gas (JKX LN) declining 2.54%. Food processing stocks posted moderate losses: AST PW -0.4%, KER PW -0.37%, MHPC LI -0.67%.

Trading was moderate on the Ukrainian Eurobond market yesterday. Corporates remained flat and banking names traded slightly up. Sovereigns were in good demand due to generally positive sentiment on the bond market. As a result, long-end issues closed a quarter of a point higher.


Macro: Ukraine’s budget revenues at only 65% for 2010
Fixed Income: Fitch assigns a “B” rating to Kernel

Daily Market Brief

Market Comment

Ukrainian equity markets got off to a weak start Monday (Oct. 4). Investors sold stocks actively on the UX exchange (-3.61%) pushing the index down. Trading volume came in higher than average at UAH 103 mln. Motor Sich (MSICH) and Ukrsotsbank hit record lows, dropping 6.09% and 5.52% respectively. Metals and Mining stocks also added to losses: ALMK -3.69%, AVDK -3.92%, AZST -3.51%, ENMZ -1.55%, YASK -1.24%. GenCos (CEEN -4.03%, ZAEN -1.11%) followed the broadly weaker trend, as did other top-tier names (BAVL -3.21%, UNAF -3.18%, UTLM -2.57%).

Among Ukrainian stocks listed on international exchanges, oil and gas stocks showed mixed dynamics: CAD LN -2.53%, JKX LN +0.16%, RPT LN unch. Food processing stocks (AST PW -0.13%, KER PW -0.3%, NHPC LI -1.64%) tallied mild losses, while Ferrexpo (FXPO LN +0.93%) inched up.

It was a sluggish day on the Ukrainian Eurobond market. Sovereigns traded slightly lower. Municipals have completely vanished from investors’ radars in recent sessions. Corporates remained flat, and banking issues such as ALFAUA, PRBANK and FIUKR were in very good demand.


Politics: Ukraine’s parliamentary majority reinvented
Metals and Mining: Alchevsk Steel to repay $68 mln to Metinvest

Daily Market Brief

Market Comment

Ukrainian equity markets went against the global trend Friday (Oct 1) to finish in the red. The UX exchange opened strong, but reversed soon after the opening bell to close 0.57% lower. Trading volume was moderate at UAH 66 mln. Metals and mining stocks led the broad market decline: ALMK -1.87%, AVDK -0.51%, AZST -1.85%, ENMZ -1.06%, YASK -0.82%. Banking names kept the pace with Raiffeisen Bank Aval (BAVL) losing 0.41% and Ukrsotsbank (USCB) declining 1.13%. GenCos (CEEN -1.75%, ZAEN +0.47%) showed mixed dynamics, while Motor Sich (MSICH -0.29%) and Ukrnafta (UANF -0.06) lost a fraction.

Among Ukrainian stocks listed on international markets, investors continued to dump Regal Petroleum (RPT LN -9.46%), Cadogan Petroleum (CAD LN -1.25%) came under selling pressure, and JKX Oil & Gas (JKX LN +0.25%) eked out gains. Ferrexpo climbed 1.62%. Food processing stocks also posted gains: MHPC LI +0.66%, KER PW +1.52%.

Emerging market Eurobonds added in price Friday, and Ukrainian issues were no exception. Corporates and banking names were in demand. ALFAUA and FIUKR added one-quarter and one point respectively. Sovereigns remained predominantly flat with long duration issues slightly up.


Fixed Income: Arrears on VAT refunds slashed to UAH 3 bln
Coke: Ukraine’s coke production in September remains unchanged
Metals and Mining: Khartsyzsk Tube increases output in September by 54% M-o-M
Metallurgy: Ukraine’s steel industry increases output by 7% M-o-M

Daily Market Brief

Market Comment

A bearish mood prevailed on Ukrainian equity markets Thursday (Sep. 30). The UX exchange fell 0.68% led by a decline in shares of metals and mining (ALMK -1.17%, AVDK -1.17%, AZST -0.37%, ENMZ -0.87%, YASK -1.35%) and banks (BAVL -1.40%, USCB -2.75%). Total trading volume was high for a second straight session, reaching UAH 94 mln. GenCos closed mixed with Centerenergo (CEEN) losing 1.15% and Zakhidenergo (ZAEN) jumping 1.67%. Among other top-tier names, Motor Sich (MSICH) dropped 0.69%, Ukrtelecom (UTLM) slid 1.89% and Ukrnafta managed to add 0.02%.

The big story among Ukrainian names listed on international markets was Regal Petroleum (RPT LN). The stock plunged 27.34% on news that the Ukrainian government has suspended the company’s operations. It was business as usual for other oil and gas companies; JKX Oil & Gas (JKX LN) dropped 0.34% and Cadogan Petroleum (CAD LN) closed unchanged. Among other London-listed shares, Ferrexpo (FXPO LN) advanced 2.66% and MHP (MHPC LI) shed 0.66%. In Warsaw, Astarta (AST PW) declined 0.79% and Kernel (KER PW) finished flat.

All was quiet on the Ukrainian Eurobond market yesterday. Sovereigns traded flat for the bulk of the session, but lost slightly in price near the closing bell. Corporates remained at the same level, while banking names continued to show steady demand.


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Daily Market Brief

Market Comment

Trading on Ukrainian equity markets was volatile Wednesday (Sep. 29). The UX exchange opened strong, but edged lower to lose 0.49% on the day. Total trading volume was moderate at UAH 73.5 mln. Banks were among the worst performers with Raiffeisen Bank Aval (BAVL) losing 1.09% and Ukrsotsbank (USCB) declining 1.72%. Most metals and mining names extended losses (ALMK -0.18%, AVDK -1.17%, AZST -0.26%); Enakievo (ENMZ) managed to inch up 0.11% and Yasynivka (YASK) finished flat. GenCos (CEEN -1.11%, ZAEN -0.72%) stumbled along with Motor Sich (MSICH -1.17%) and Ukrtelecom (UTLM -0.12%). Ukrnafta was the only bright spot among blue chips adding 1.59%.

Ukrainian stocks listed on international markets closed mixed. Investors favored oil and gas companies (CAD LN +3.75%, JKX LN +1.08%) and Ferrexpo (FXPO LN +3.33%). As for food-processing names, Kernel (KER PW +1.15%) advanced, while Astarta (AST PW -0.46%) and MHP (MHPC LI -0.86%) posted moderate losses.

Corporates rallied on the Ukrainian Eurobond market yesterday. The biggest gainers were MHPSA, DTEK, METINV and FIUKR – all names added nearly a point. Sovereigns also rose slightly in price.



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Daily Market Brief

Market Comment

Ukrainian equity markets closed in the red Tuesday (Sep. 28). The UX exchange wavered between gains and losses as investors were encouraged by German consumer confidence and U.K. economic growth stats; however, weaker-than-expected reports on US consumer confidence and regional manufacturing weighed the market down. Total trading volume came in at nearly UAH 94 mln. Led by Alchevsk Steel (ALMK -2.87%), metals and mining stocks (AVDK -0.85%, AZST -1.7%, ENMZ -0.29%, YASK -0.11%) were among the biggest laggards. Motor Sich (MSICH -1.73%) and Centerenergo (CEEN -1.63%) reversed to losses. Banks also added to the broad market decline: BAVL -1.01%, USCB -2.67%. Only Ukrnafta (UNAF +1.70%), Ukrtelecom (UTLM +0.72%) and Zakhidenergo (ZAEN +2.34%) finished in positive territory.

Ukrainian stocks listed on international markets showed mixed dynamics. Cadogan Petroleum (CAD LN +1.56%) was the most notable gainer, while its peers JKX Oil & Gas (JKX LN) and Regal Petroleum (RPT LN) lost 0.19% and 1.84% respectively. News concerning the new loan attracted by Ferrexpo (FXPO LN +0.38%) pushed the stock’s price slightly higher. MHP (MHPC LI +0.92%) also advanced. Warsaw-listed Astarta (AST PW -2.62%) and Kernel (KER PW -1.66%) traded in the red.

Trading activity was lower than average on the Ukrainian Eurobond market yesterday. Long-end sovereigns declined slightly. Municipals and most corporate papers remained flat. Good demand was observed for banks such as PRBANK, ALFAUA and FIUKR.


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Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed Monday (Sep 27). The UX exchange opened lower and forged a sideways trend throughout the day to close 0.24% down. Activity remained relatively weak in the absence of driving news - trading volume totaled UAH 50 mln. With the exception of Enakievo (ENMZ +0.43%), all metals and mining stocks (ALMK -0.12%, AVDK -0.52%, AZST -0.18%) lost ground with Yasynivka Coke (YASK -1.75%) setting the pace. Ukrnafta (UNAF -0.02%), Raiffeisen Bank Aval (BAVL -0.09%), GenCos (CEEN +0.15%, ZAEN +0.19%) and Ukrsotsbank (USCB +0.07%) hovered around the baseline.

Ukrainian stocks listed on international markets traded in the red. Cadogan Petroleum (CAD LN) came under selling pressure, losing 4.88% for the session. Regal Petroleum (RPT LN -2.68%) extended losses, while JKX (JKX LN unch) closed unchanged. Other London-listed stocks lost a fraction: FXPO LN -0.17%, MHPC LI -0.33%. Food processing names traded in Warsaw ended lower: AST PW -0.19%, KER PW -1.49%.

It was a quiet day on the Ukrainian Eurobond market. Investors zeroed in on sovereign issues, which closed slightly lower. Corporates remained flat with meager demand observed for MHPSA. In the banking universe, FIUKR and EXIMUK 16 recorded minor action.


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Daily Market Brief

Market Comment

Ukrainian equity markets declined Thursday (Sep.23) in line with global markets that were pushed lower by a string of negative news (unexpected jump in jobless claims in the US, disappointing GDP and manufacturing data out of Europe, etc.). The UX exchange closed 0.54% lower on a slim trading volume of UAH 43 mln. Metals and mining stocks led the decline: ALMK -1.18%, AVDK -1.06%, AZST -1.40%, ENMZ -1.67%. Banks also weakened with Raiffeisen Bank Aval (BAVL) losing 0.99% and Ukrsotsbank (USCB) dropping 0.88%. Other blue chips finishing in the red included Centerenergo (CEEN -1.33%), Ukrtelecom (UTLM -0.78%) and Zakhidenergo (ZAEN -0.19%). Only Motor Sich (MSICH +0.18%) and Yasynivka Coke (YASK +0.19%) managed to eked out gains.

Ukrainian stocks traded on international markets showed mixed dynamics. Profit takers were out in force for Regal Petroleum (RPT LN), the stock dropped 4.92% after posting significant gains earlier this week. Regal’s peers were on the rise: Cadogan Petroleum (CAD LN) jumped 3.85% and JKX Oil & Gas (JKX LN) added 0.31%. Among other London-listed stock, Ferrexpo (FXPO LN) lost 0.38% and MHP (MHPC LI) advanced 1.13%. In Warsaw, the bleeding slowed for Astarta (AST PW -1.23%), while Kernel (KER PW) rose 1.28%.


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Daily Market Brief

Market Comment

Ukrainian equity markets managed to stay afloat Tuesday (Sep. 21), going against the grain of major European exchanges that dipped just before the closing bell. The UX exchange added 0.44% on a moderate total trading volume of UAH 84 mln. Centerenergo (CEEN +1.19%) and Yasynivka Coke (YASK +1.32%) led the broad market advance. Metals and mining stocks (ALMK +0.3%, AVDK +0.35%, AZST +0.58%, ENMZ +0.61%) and banks (BAVL +0.55%, USCB +0.36%) posted modest gains. Among other top blue chips, Ukrnafta (UNAF) inched up 0.2% and Ukrtelecom (UTLM) climbed 0.65%.

On international markets, Ukrainian stocks closed mixed. Regal Petroleum (RPT) showed the best results, jumping 6.36%. MHP (MHPC LN +1.35), JKX Oil & Gas (JKX LN +0.65%) and Kernel (KER PW +0.08%) pushed higher, while Astarta (AST PW -2.17%), Cadogan (CAD LN -1.22%) and Ferrexpo (FXPO LN -1.35%) slid.



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Daily Market Brief

Market Comment

Ukrainian equity markets closed mixed Monday (Sep. 20). The UX exchange (+0.41%) slid soon after the opening bell, but managed to climb back into positive territory, spurred on by growth on global markets. Trading activity was sluggish with a total volume of UAH 58 mln. Yasynivka (YASK +1.04%) and Zakhidenergo (ZAEN +1.11%) were among the most prominent gainers, while Enakievo (ENMZ -1.15%) showed the weakest result. Raiffeisen Bank Aval (BAVL -0.18%) and Motor Sich (MSICH -0.14%) lost a fraction. Metals and mining stocks stacked on modest gains: ALMK +0.47%, AVDK +0.4%, AZST +0.72%. Other blue chips to have advanced included Centerenergo (CEEN +0.62%), Ukrnafta (UNAF +0.38%), Ukrsotsbank (USCB +0.6%) and Ukrtelecom (UTLM +0.14%).

Ukrainian stocks listed on international markets came under selling pressure Monday. Ferrexpo (FXPO LN) led the way down, losing 3.22%. In the oil and gas sector, Cadogan Petroleum (CAD LN) shed 2.38% and JKX Oil & Gas (JKX LN) dropped 0.31%. Regal Petroleum (RPT +0.92%) was the only Ukrainian name to close in the black. Food processing names in Warsaw reversed to losses: AST PW -1.43%, KER PW -0.45%.


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Daily Market Brief

Market Comment

Ukrainian stock exchanges closed lower Friday (Sep. 10), trading in the opposite direction of European markets. The UX exchange (-0.52%) fell sharply from the opening and spent the entire session in the doldrums. Total trading volume came in at a moderate UAH 64 mln. Raiffeisen Bank Aval (BAVL +0.14%) and Zakhidenergo (ZAEN +0.02%) managed to eke out gains, while all other stocks in the index basket slumped. Sumy Frunze (SMASH -1.46%) and Stirol (STIR -2%) led the fall with minor losses observed for steel names (AZST -0.69%, ENMZ -0.71%), miners (AVDK -0.42%, YASK -1%), and utilities (CEEN -0.27%, UTLM -0.78%). Avdiivka Coke (AVDK -0.42%) swapped hands most actively – the stock topped the board with a total trading volume of UAH 12.7 mln.

Ukrainian shares listed on international markets turned in a mixed performance Friday. Cadogan Petroleum (CAD LN) stole the show, surging 7.58%. Regal Petroleum (RPT LN +2.48%) also reported an impressive gain, and JKX Oil & Gas (JKX LN +0.22%) managed to creep into positive territory. Ferrexpo (FXPO LN -0.13%) dipped slightly. Food-processing names closed mixed: MHPC LI -0.07%, KER PW +3.97%, AST PW -0.34%.

The Ukrainian Eurobond market was relatively active Friday. The session’s biggest loser was NAFTO, which fell nearly half a point. The entire sovereign curve traded down, dipping a quarter of a point. Corporates remained flat with banking issues EXIMUK 16 and FIUKR in solid demand.


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Daily Market Brief

Market Comment

Negative sentiment prevailed on Ukrainian equity markets Tuesday (Sep. 7). The UX exchange dipped 0.93% on a low total trading volume of UAH 55 mln. Led by steel producers (ALMK -1.63%, AZST -2.09%, ENMZ -1.35%) and banks (BAVL -1.53%, USCB -1.47%), most blue chips took on losses. Yasynivka Coke (YASK) was among the biggest laggards, dropping 2.40%. Profit taking was on the menu for other stocks including Centerenergo (CEEN -1.42%), Motor Sich (MSICH -0.93%) and Ukrnafta (UNAF -1.19%). Ukrtelecom (UTLM +0.14%) crept into positive territory along with Avdiivka Coke (AVDK +0.02%) and Zakhidenergo (ZAEN +0.02%).

Ukrainian stocks listed on the Warsaw Stock Exchange traded in the black with Astarta (AST PW) soaring 4.4% and Kernel (KER PW) rising 0.33%. Among London-listed shares only JKX Oil & Gas (JKX LN +0.42%) managed to eke out gains, while Cadogan (CAD LN -1.49%) and MHP (MHPC LI -1.08%) traded in the doldrums. Ferrexpo (FXPO) suffered the steepest drop, finishing 2.37% lower.

Ukrainian Eurobonds put in a weak performance yesterday. Naftogaz traded about a half a point lower, while Long end sovereign issues were down about a quarter of point on the day. In the corporate sector, trading was generally flat, with better bidding for FIUKR, AZOVTL and EXIMUK issues. DTEK closed slightly lower and Metinvest finished flat.


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