News
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September 06, 2010
Market Comment
Ukrainian equity markets rose Friday (Sep. 3) as better than expected job data out of the US fueled investors’ hopes for economic recovery. The UX exchange traded in the red most of the day, but shot up near the end of the session to add 0.85%. Activity was relatively high with a total trading volume of more than UAH 91 mln. Azovstal (AZST) took center stage, surging 2.66%. Other steel names also added to gains: ALMK +1.12%, ENMZ +0.85%.
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September 06, 2010
Macro: Ukraine to reduce income tax by 9 p.p. to 16%
Event: At the unveiling of the latest draft of the Tax Code Friday (Sept. 3), Prime Minister Mykola Azarov told the press that Ukraine would create one of Europe’s most attractive investment climates by slashing taxes. The new Tax Code calls for a reduction in income tax to 19% in 2011 and by 1 p.p. a year to 16% in 2014. Light and hotel industries should be exempt from corporate income tax for ten years and small businesses for five years.
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September 06, 2010
Oil & Gas: Ukraine to incentivize domestic oil and gas production
Event: The Ukrainian government has issued a resolution requiring subordinated authorities to incentivize domestic oil and gas production. Particularly, the government ordered the Ministry of Fuel and Energy and the Ministry of Finance to review (lower) the royalty for “difficult” oil and gas fields. Furthermore, the government also ordered a number of subordinated authorities to set a schedule to increase natural gas tariffs for residential consumers.
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September 06, 2010
GenCos: DTEK increases its stake in Kievenergo
Event: DTEK, the largest vertically integrated energy holding in Ukraine, has increased its stake in Kievenergo (KIEN) from 6% to almost 24.9%, DTEK announced in a press release on September 4.
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September 03, 2010
Market Comment
Ukrainian equity markets traded sideways Thursday (Sep. 2). The UX exchange (-0.05%) drifted between gains and losses to close almost flat. Total trading volume came in at a moderate UAH 70 mln. Zakhidenergo (ZAEN) pared all the previous day’s gains, ending 12.14% lower. Ukrsotsbank (USCB) outperformed the market, adding 1.49%. Centerenergo (CEEN +0.53%) was also among the session’s most prominent gainers.
