News
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July 22, 2010
Market Comment
Ukrainian stock exchanges rose on positive cues from global markets Wednesday (July 21). Buyers pushed the UX exchange up 1.69%, total trading volume also climbed to UAH 56 mln. Banks led blue chips higher with Raiffeisen Bank Aval (BAVL) soaring 5.99% and USCB adding 2.94%. GenCos were also among the top gainers: CEEN +2.67%, ZAEN + 1.33%.
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July 22, 2010
Macro: Ukraine’s GDP grows 6.3% Y-o-Y
Event: Ukraine’s GDP expanded at the rate of 6.3% Y-o-Y in 1H2010, Prime Minister Mykola Azarov stated yesterday (July 21). He made particular mention of the sizable growth in industry, the volume of cargo traffic, and domestic sales.
Impact: The news is positive for Ukraine’s economy.
Rationale: Ukraine continues to demonstrate solid economic recovery. It was reported that GDP grew by 6.1% Y-o-Y during 5M2010, while industrial output increased by 12.6% Y-o-Y.
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July 22, 2010
Metals and Mining: Metinvest to outsource air-separating units at Azovstal and Enakievo
Event: According to Interfax news agency, Metinvest has signed an agreement with French company Air Liquide for supply of technical gases to Azovstal and Enakievo Steel. According to the agreement, Metinvest will sell two air-separating units (one from each steel enterprise) to Air Liquide for a total consideration of €100 mln. Air Liquide is required to modernize the equipment, build an additional unit for each plant, hire the current staff, and further supply gases to the steel works.
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July 22, 2010
Banks: Ukrainian banks continue posting losses
Event: Ukrainian commercial banks incurred an aggregate UAH 8.3 bln net loss in 1H2010, the National Bank of Ukraine reported July 21. The banking system reported a UAH 830 mln negative financial result in July compared to a UAH 2.23 bln net loss in June.
Impact: The news is neutral for listed Ukrainian banks.
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July 22, 2010
Machinery: Turboatom to sign $100 mln contact with Russia
Event: Turboatom, Ukraine’s largest producer of turbine equipment for nuclear, thermal and hydro power plants, announced plans to sign a $100 mln contact to upgrade and supply turbine equipment at Russian Rostovskaya nuclear power plant, the company reported yesterday (July 21).
Impact: The news is positive for TATM.
