Daily Market Brief

Market Comment

Ukrainian stock markets were open for trading Saturday (Mar. 12) to make up for the day off taken earlier in the week in connection with a local holiday. The UX exchange opened higher, but slid throughout the session to close with a 1.76% decline. Total equity trading volume was expectedly weak at UAH 137 mln. Ukrnafta (UNAF -6.94%) dropped sharply for a second straight session. Metals and mining stocks closed mixed: ALMK -0.5%, AVDK +0.9%, YASK +1.09%, ENMZ -1.02%. Banks (USCB -0.24%, BAVL -0.5%) posted meager losses. Volume leader Motor Sich (MSICH +0.62%) found support, Ukrtelecom (UTLM -1.09%) dimmed, and GenCos (ZAEN -0.43%, DOEN +0.29%, CEEN +0.29%) traded in opposite directions.

Local stock markets took on notable losses Friday (Mar. 11), as negative sentiment resulting from the devastating earthquake and tsunamis in Japan spread around the globe. The UX exchange tumbled more than 80 points in the early hours of trading, but settled in the afternoon to close lower by 1.85%. Total equity trading volume was high at UAH 260 mln. Ukrnafta’s (UNAF -4.13%) sharp fall weighed heavily on the index. Most metals and mining names (ALMK -0.74%, AVDK -1.37%, AZST -0.63%, ENMZ -0.63%) continued their losing streaks, while Yasynivka Coke (YASK +1.62%) made a strong late-session surge into the black. Banking stocks (BAVL -2.13%, USCB -0.75%), GenCos (CEEN -1.47%, DOEN -2.8%, ZAEN -1.57%), Motor Sich (MSICH -1.23%) and Stirol (STIR -1.83%) were not immune to the selloff. Ukrtelecom (UTLM +1.02%) bucked the market’s downward trend on the back of news that Epic Financial Consulting Gesellschaft had completed a deal with Ukrainian authorities to purchase a near 93% stake in the company.

In London on Friday, only Cadogan Petroleum (CAD LN +1.6%) and Ferrexpo (FXPO LN +1.4%) emerged in positive territory. Regal Petroleum (RPT LN -1.25%), JKX Oil & Gas (JKX LN -2.32%) and MHP (MHPC LI -1.04%) continued to fall. In Warsaw, Astarta (AST PW-0.63%) slowed its tumble, while the negative pace of Kernel (KER PW -1.35%) and Agroton (AGT PW -3.14%) continued to accelerate.


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Daily Market Brief

Market Comment

Ukrainian equity markets ended in a real slump on Thursday (Mar. 10). The UX exchange lost 2.27%, with total equity trading volume coming in at UAH 180 mln. Steel makers were knocked over for a second straight session: ALMK -4.56%, ENMZ -3.68%, AZST -2.85%. Whopping drops were also recorded for banks (BAVL -3.41%, USCB -2.93%) and Motor Sich (MSICH -3.37%). Ukrtelecom (UTLM -2.44%), GenCos (ZAEN -2.9%, CEEN -2.14%) and coke producers (YASK -2.03%, AVDK -1.95%) traded up a notch in comparison, but still closed deep in the red. Ukrnafta (UNAF -0.94%) suffered the least damage on the day.

The downturn continued for Ukrainian companies listed on international markets. In London, Cadogan Petroleum (CAD LN -5.46%) and JKX Oil & Gas (JKX LN -1.57%) suffered further price slashes, while Regal Petroleum (RPT LN) closed flat. Ferrexpo (FXPO LN -2.77%) took another blow, and MHP (MHPC LI -0.46%) dipped below the flat line. In Warsaw, Astarta (AST PW -10.41%) plummeted on news that Chairman Valery Korotkov’s holding had sold 1.5 mln shares, lowering its stake to 26%. Agroton (AGT PW -1.84%) and Kernel (KER PW -0.49%) ended trading slightly tarnished.


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Daily Market Brief

Market Comment

Ukrainian equity markets experienced significant downturns on Wednesday (Mar. 9). The UX exchange lost 1.29%, with total equity trading volume dropping to UAH 164 mln. Steelmakers took on the roles of loss leaders: Azovstal (AZST -3.78%), Enakievo Steel (ENMZ -3.76%) and Alchevsk Steel (ALMK -2.16%) all experienced severe falls. Additional drag was dumped on by coke producers (AVDK -1.43%, YASK -1.11%), Ukrtelecom (UTLM -1.94%), Motor Sich (MSICH -1.9%) and Centerenergo (CEEN -1.87%). Zakhidenergo (ZAEN -0.24%) and Raiffeisen Bank Aval (BAVL -0.68%) made shallow swoops into the red. Meanwhile, Ukrnafta (UNAF) closed flat and Ukrsotsbank (USCB +0.38%) managed to end the session in positive territory.

Ukrainian companies lost across the board on international markets. In London, Cadogan Petroleum (CAD LN -8.01%) cut back sharply, Regal Petroleum (RPT LN) dropped 1.23% and JKX Oil & Gas (JKX LN -0.81%) closed with a small tumble. Ferrexpo (FXPO LN -3.72%) took another blow, while MHP (MHPC LI -0.05%) ended a pinch below the flat line. In Warsaw, Astarta (AST PW -6.39%) gave back the bulk of previous sessions’ growth, Kernel (KER PW -1.33%) sunk, and Agroton (AGT PW -0.24%) dimmed slightly.

Macro: Headline inflation for Ukraine down to 7.2% Y-o-Y in February