News
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July 01, 2010
Market Comment
Ukrainian equity markets were down again Wednesday (June 30). Trading on the UX was volatile throughout the day – the index closed 0.49% lower on a trading volume of UAH 94 mln. Railcar producers (KVBZ +5.17%, LTPL +5.82%, SVGZ +5.87%) reversed to gains on the news that state railway operator Ukrzaliznitsa plans to invest $353 mln in its rolling stock.
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July 01, 2010
Macro: Ukraine’s GDP growth revised up
Event: Ukraine’s GDP growth in 1Q2010 was revised upwards to 4.9% Y-o-Y from 4.8% Y-o-Y, the State Statistic Committee reported. Output growth was driven by strong export expansion (+7% Y-o-Y in 1Q2010), while domestic household consumption saw less pronounced advancement (+0.5% Y-o-Y in 1Q2010).
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July 01, 2010
Fixed Income: Ukraine’s VAT bond issue amounts to UAH 17.7 bln
Event: Ukrainian exporters submitted applications for VAT bonds worth UAH 17.7 bln, the press service for the State Tax Administration reported yesterday (June 30). This amount represents 91% of the total government arrears on VAT refunds (UAH 19.5 bln). Companies significantly increased their applications for VAT OVGZ on June 24 and June 25, filing documents for UAH 3.7 bln.
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July 01, 2010
Oil & Gas: Cadogan's management cruises through AGM
Event: Cadogan shareholders voted in favor of the current management and re-appointed its five directors at an AGM held yesterday (Jun 30). Shareholders followed recommendations of the Board and passed all but one resolution. The company's management also provided a brief update on operations in Ukraine. Among other reported items, Chairman Simon Duffy reported promising progress for its licenses/fields in western Ukraine.
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July 01, 2010
Metals and Mining: Ferrexpo reports 1Q2010 results
Event: Ferrexpo’s net profit for 1Q2010 decreased 46% Y-o-Y to $11.6 mln due to a write-down of VAT receivables. This is the first time the company has reported quarter results, and the move is believed to have been done only due to the significant nonrecurring write-down.
