Market comment

Market comment



2 жовтня 2012 года
Конкорд Капитал

Ukrainian equities responded positively, along with most other global markets, on Monday to news from the US. Risk-on bets were back in play, spiking following the ISM report on American manufacturing indicating expansion and exceeding even the most optimistic forecasts (51.5 in September vs. a Bloomberg analyst survey median of 49.7), and also driven by US Federal Reserve Chairman Ben Bernanke’s reiteration of a pledge to maintain stimulus. Kyiv’s UX added 1.4%, staying in the green for the second day in a row, as all 10 local blue chips advanced. Warsaw’s WIG-Ukraine index was also up 1.3%. Agroton (AGT PW) was the day’s best performer, rising 6.0%, after S&P confirmed its credit ratings at “CCC+”; we confirm our HOLD recommendation on the stock given its progress on questionable receivables and better-than-expected grain harvest (see our news below). Westa (WES PW) value investors returned yesterday, driving the stock back up 4.7% after taking a breather on Friday; the stock is now up 1.4x since the beginning of September. Ferrexpo (FXPO LN) experienced a U-shaped session, finishing back at GBp 198. We expect Ukrainian shares to start lower this morning. Though Asian markets were up early following the US, they are coming back somewhat (Nikkei 225 -0.1%), European market futures are all pointing red and Russia has also opened down (RTS -0.9%).

Источник: Конкорд Капитал

Аналитик: Бред Вэллс
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