Market View

February 7, 2012

Equities: The UX started the week on a quiet note as profit taking from Friday continued to cap gains. Steel-related names were moderately lower while banks gave up around 1.5%. Volumes remained low with CEEN (-0.2%) in the lead. Most of the action, however, was in Poland where local funds propelled two leading agri names Kernel and Astarta by 8.5% to new YTD highs. Milkiland, under pressure from Russia’s “cheese war”, was trading down 4.5% mid-session but was snapped higher into the close, finishing up 1.9%. This move looked a little strange and today will show if it is sustainable. Avangard (+0.6%) was better bid and is likely to remain in focus today after posting better than expected production numbers this morning. Agri names may also find additional support following the Ukrainian parliament’s decision to put off the land market bill until its September session (read until after the October parliamentary elections), thus removing quite significant risk overhang for the sector.

Fixed income: Ukrainian sovereign Eurobonds extended their weakness with the long end of the curve (benchmark Ukraine 20s and 21s) losing 1.25-1.5 points on the day. Quasi-sovereign Oschadbank slipped to 85.75/87.25 (12.84%/12.31%). Corporates were quiet and closed unchanged on the day. Metinvest 15s were quoted at 99.0/101.0 (10.61%/9.87%), DTEK at 97.75/99.25 (10.33%/9.77%) and MHP at 95.0/96.5 (12.16%/11.57%).

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Name Close 1d, % 1m, % YTD, %
DAX 6,766.67 1.67 10.72 14.72
FTSE100 5,901.07 1.81 4.10 5.90
KP-Dragon 3,777.89 0.73 13.78 15.67
MICEX 1,564.82 1.45 8.10 11.60
PFTS 580.99 0.33 6.28 8.71
S&P500 1,344.90 1.46 5.29 6.94
UX 1,555.36 0.93 5.32 6.61
ukr_2021 9.90 1.85 (4.90) (2.17)
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