News
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July 02, 2010
Market Comment
Negative sentiment on global markets resulting from a decline in oil prices and expectations of poor job data out of the US was a drag on Ukrainian indexes yesterday (July 1). The UX index declined 2.35% on a scant volume of UAH 54.6 mln. Banking stocks reversed the previous day’s gains with Raiffeisen Bank Aval (BAVL) falling 3.08% and Uksotsbank (USCB) losing 4.57%.
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July 02, 2010
Politics: Ukraine sets an earlier date for local elections
Ukraine’s Parliament approved an initiative to move the date for elections of local council deputies, and heads of villages, towns and cities from March 2011 to October 31, 2010, Interfax reported. A total of 247 out of the 428 members registered yesterday (July 1) supported the resolution. The Central Election Commission has been charged with preparing the elections, which will be financed from the state budget.
Impact: The news is neutral for Ukraine’s markets.
Rationale: The rescheduling of local
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July 02, 2010
Fixed Income: Ferrexpo to consider Eurobond issue
Event: Ferrexpo plans to hold a road show for its possible Eurobond placement, Interfax reported on June 30. The road show is scheduled for July 7–July 15 and will take place in Asia, Europe, and the US. The company’s press service did not disclose specific information on the matter.
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July 02, 2010
Metals and Mining: Steel output decreases 13.5% M-o-M in June
Event: Ukraine’s steel output decreased 13.5% M-o-M in June, pig iron production was down 16.2% M-o-M and rolled steel production was down 15.7% M-o-M, the Ministry of Industrial Policy reported.
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July 02, 2010
Metals and Mining: Ferrexpo output up 0.4% M-o-M in June
Event: Ferrexpo increased pellet output by 0.4% M-o-M to 864 kt. Pellet production from its own ore increased 2.3% M-o-M to 778 kt, while production from purchased iron ore declined 14.1% to 86 kt.
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July 02, 2010
Metals and Mining: Metinvest acquires MMKI, share capital increases 3.7 times
Event: The statutory fund of MMKI will be increased 3.7 times, according to a decision made at the company’s AGM. Shareholders on the register as of August 2, 2010 will be entitled to participate in the share issue. Shareholders voted at the AGM on July 1 for Metinvest to be the investor participating in the subscription.
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July 02, 2010
Food processing: Russia allows import of chicken meat from Ukraine
Event: According to Interfax news agency, Russia is removing restrictions (in place since 2005) on the import of chicken meat from Ukraine starting July 1, 2010. Currently there are only two Ukrainian poultry plants that are certified to export to Russia and both are owned by MHP.
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July 02, 2010
Food processing: MHP announces share buyback results and acquisition of new land
Event: MHP has reported that at present it has repurchased 2,311,344 GDRs under its share buyback program at an average price of $13.36. On June 17, the Company announced that it repurchased 1,120,844 GDRs at a cost of $12.93. The company started share buybacks on May 19, 2010 and can repurchase up to 5.5 mln GDRs until the end of 2010.
