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.

Warsaw Market & Carbon Watch - Tuesday 23 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 (-0.07%), similar to red screens in the European markets (FTSE -0.22%, STOXX -0.44%, CAC -0.61%, DAX -0.71%, IBEX -0.46%) and mixed U.S. markets (DOW +0.02%, S&P +0.04%, NASDAQ +0.38%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they slightly outperformed the main Warsaw equities index, closing up (+0.25%) for the day with gains in agriculture, energy and food processing sector names offsetting negative news that mining activities at Sadovaya Group could be suspended due to weak demand.  From a market depth standpoint, the highest trading volumes occurred in Sadovaya Group (1,085,963 shares), Westa International Scientific Group (553,255 shares) and Kernel (189,722 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): 43728.91 (-0.07%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  716.14 (+0.25%) 

Ovostar Union NV (OVO PW):  96.85 (-3.05%)

Kernel Holding SA (KER PW):  67.75 (+2.19%)

Agroton Public Limited (AGT PW):  11.55 (-1.87%)

Astarta Holding NV (AST PW):  65.00 (unch)

Industrial Milk Co (IMC PW):  16.65 (-3.70%)

KSG Agro SA (KSG PW):  13.70 (unch)

Milkiland (MLK PW):  16.80 (+0.90%)

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

Coal Energy SA (CLE PW): 15.26 (+1.57%)

Sadovaya Group SA (SGR PW):  2.52 (-20.00%)

Westa Intl Scientific Group (WES PW):  1.07 (+0.94%)

Carbon Trading

ICE daily CER price continued to fall, dropping to 1.08 EURO (-4.42%).  The market is long, so without a regulatory lightning bolt from above one can expect a slow southern ride down the range for the rest of 2012.

Warsaw Market & Carbon Watch - Monday 22 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 (-1.77%), similar to red screens in the European markets (FTSE -0.35%, STOXX -1.24%, CAC -0.87%, DAX -0.76%, IBEX -2.31%) and bearish U.S. markets (DOW -1.52%, S&P -1.66%, NASDAQ -2.19%).  Looking at Ukrainian equities in particular across the Warsaw Stock Exchange, they slightly outperformed the main Warsaw equities index, closing flat (-0.04%) for the day with gains in agriculture and food processing sector names offset by losses in energy and metals/mining sector names.  From a market depth standpoint, the highest trading volumes occurred in Westa International Scientific Group (2,659,801 shares), Sadovaya Group (854,776 shares), Kernel (74,143 shares), Milkiland (57,810 shares) and Coal Energy (35,244 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): 43759.43 (-1.77%)

WSE WIG-Ukraine Index (total return index for Ukrainian listed companies):  714.38 (-0.04%) 

Ovostar Union NV (OVO PW):  99.90 (+0.10%)

Kernel Holding SA (KER PW):  66.30 (+1.69%)

Agroton Public Limited (AGT PW):  11.77 (+4.72%)

Astarta Holding NV (AST PW):  65.00 (+0.15%)

Industrial Milk Co (IMC PW):  17.29 (+3.53%)

KSG Agro SA (KSG PW):  13.70 (+1.48%)

Milkiland (MLK PW):  16.65 (-1.30%)

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

Coal Energy SA (CLE PW): 15.26 (-5.39%)

Sadovaya Group SA (SGR PW):  3.15 (-26.69%)

Westa Intl Scientific Group (WES PW):  1.06 (-17.19%)

Carbon Trading

ICE daily CER price got hammered, dropping to 1.19 EURO (-22.07%).  The market is long and new offsets keep hitting the market.  There are no technical barriers to guide carbon at this point, everything is trading in range and the range keeps dropping as new U.N. offsets add to current oversupply.  Without regulatory measures to shore up the market, it's really a case of the emperor having no clothes.  We are witnessing a repeat of what transpired during Phase I of the Kyoto Protocol in 2007, for similar reasons.