News
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September 07, 2010
Market Comment
Ukrainian equity markets traded marginally higher Monday (Sep. 6), in line with the trend set on European markets. The UX exchange climbed 0.22%, but action was subdued as a result of US markets being closed for Labor Day. Total trading volume on the UX came in at UAH 54 mln. Ukrnafta (UNAF) was among the most notable gainers, spiking 0.93%. Banks (BAVL +0.75%, USCB +0.70%) and coke producers (AVDK +0.74%, YASK +0.81%) also outperformed the market.
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September 07, 2010
Macro: Inflation in Ukraine rises to 1.2% M-o-M
Event: CPI inflation rose to 1.2% M-o-M in August, the State Statistic Committee reported yesterday (Sep. 6). This marks the end of the April-July M-o-M deflation. As a result, CPI inflation over 8M10 reached 4.3%, while the Y-o-Y figure in August approached 8.3%.
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September 07, 2010
Coke: Avdiivka to increase coke output in September, Yasynivka to stay flat
Event: Metal Courier reported that Avdiivka Coke (AVDK) plans to raise output of gross coke by 14% M-o-M to 340 kt in September. The expected increase is based on boosted orders for metallurgical coke from Ilyich Iron and Steel (MMKI) up to 130 kt (+13% M-o-M) and from Azovstal (AZST) up to 65 kt (+27% M-o-M). Supplies to Enakievo Steel (ENMZ) will remain unchanged around 94 kt.
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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.
