Market comment

Market comment



5 жовтня 2012 года
Конкорд Капитал

The Ukrainian Exchange was among the worst performers in EMEA for a third day on Thursday as the region continued to be plagued by a lack of confidence, even as other emerging and frontier markets have gained. The UX fell 2.0% yesterday (-7.0% over the last three sessions) and the MSCI EMEA index dropped 0.4%, while the MSCI EM index was positive at 0.3%. All 10 local blue chips again lost ground. In Warsaw, the WIG-Ukraine index rose 0.7%, though its index basket was evenly split between advancers and decliners. Agroton (AGT PW) surged 8.4%, the day’s best performance, as it continued to rise following S&P’s move to maintain its credit rating earlier this week. In London, Ferrexpo (FXPO LN) and Cadogan Petroleum (CAD LN) both added 2.1%, while consumer goods names declined. Avangard (AVGR LI) lost 2.2% while MHP (MHPC LI) shed 1.0%. Bank of Georgia Holdings (BGEO LN) bounced back 1.3% after falling 8.1% in its previous two sessions on election uncertainty; we maintained our BUY recommendation and target price on the bank yesterday as we still like its long-term investment case, despite elevated political risk due to the lack of a track record for election winner Bidzina Ivanishvili and his plans to bring in an entirely new parliament. The UX looks set for a slightly higher today, with global markets up a tick on ECB President Mario Draghi’s pledge to buy bonds and positive US economic data overnight.

Источник: Конкорд Капитал

Аналитик: Бред Вэллс
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