News
-
July 19, 2010
Market Comment
Ukrainian equity markets declined Friday (July 16) pushed by negative sentiment observed on international exchanges. The UX exchange opened in positive territory, but soon reversed gains to close 0.47% lower. Total volume remained scant at UAH 48.7 mln. Most blue chips traded in the red led by Centerenergo (CEEN -1.17%) and Motor Sich (MSICH -1.56%). Only three stocks managed to eke out gains: BAVL +0.45%, UTLM +0.08%, ZAEN +0.19%.
-
July 19, 2010
Metals and Mining: Ferrexpo plans to increase output 11% Y-o-Y
Event: According to Metal Courier, Ferrexpo plans to produce around 760 kt of pellets from its own iron ore and 70-100 kt from purchased raw materials per month in 2H2010. The output from purchased iron ore has marginal profitability and the company will consider production depending on the market’s situation. Therefore, in 2010, total output may comprise 10 MT versus 9 MT last year.
-
July 19, 2010
Banks: Forum Bank reports UAH 1.21 bln net loss in 2Q2010
Event: Forum Bank has reported an aggregate UAH 1.48 bln net loss for 1H2010 and a UAH 1.21 bln net loss for 2Q2010 alone. The major reason for the negative bottom line was a massive build-up in loan-loss reserves, accompanied by a further decline in interest income and rising SGA expenses. Loan-loss reserves have increased by UAH >1.3 bln during the last six month and have reached 17.8% of the gross loan portfolio.
Rationale: The reported financial res
