Market comment

Обзоры рынка 16.05.2012 Ukrainian equities continued to lose ground on Tuesday (WIG-Ukraine -2.8%, UX -1.3%) with Greek politics continuing to cast a cloud over equity sentiment. In Warsaw, seven of 10 WIG-Ukraine index components were in the red, led by Coal Energy (CLE PW) -9.1% and Westa (WES PW) -8.0%. Two exceptions were a pair of consumer companies that released 1Q12 results yesterday, Industrial Milk (IMC PW) +10.0% and KSG Agro (KSG PW) +7.1%. On the local UX, the story was much the same, with seven of 10 blue chips also posting losses. Basic materials names were among the worst hit, with Avdiivka Coke (AVDK UK) dropping 6.5% and Alchevsk Iron & Steel (ALMK UK) shedding 4.0%. In London, JKX Oil & Gas (JKX LN) managed to advance 5.1% after announcing it launched sales from a new field in Russia and acquired a new Russian license. Ferrexpo (FXPO LN) -3.3% and MHP (MHPC LI) -1.7%, meanwhile, tracked lower for the second straight day.