OREANDA-NEWS. January 6, 2011. UFC Capital released daily market view:

Minfin to enforce IFRS in public JSC, bank, and insurance company financial statements. According to Interfax-Ukraine, the Ministry of Finance is planning to institute financial reporting for public joint-stock companies (JSC), banks, and insurance companies in accordance with International Financial Reporting Standards (IFRS). Furthermore, the Ukrainian government will determine the type of activities that will require firms to file financial reports and consolidated statements based on IFRS.

Equity market.  The first day of trading on the Ukrainian Exchange Index in 2011 was marked by an upward trend at an intermediate trading volume. Every stock in the index list finished the day in the green zone. Overall, the indicator grew by 2.02% to 2493.16 points. The trading volume on the spot market amounted to 140.2 mln hryvnia, with another 24.4 mln hryvnia coming from the futures market.

News regarding Mariupol Illich Iron and Steel (MMKI; UNDER REVIEW) being excluded from the PFTS exchange listing caused a sharp decrease in the stock’s share price in the first half of the day, but it is necessary to note that the company will continue to be listed on the Ukrainian Exchange. We remind readers that legislation “On amendments to the Law of Ukraine On Joint Stock Companies" gives majority shareholders who control at least 95% of shares the ability to buyout minority shareholders’ shares; however, shares that are listed in a stock exchange are exempt.  Mariupol Illich Iron and Steel stock rebounded in the afternoon to partially win back the earlier losses, but still finished the day with a 2.54% drop in share price.

Enakievo Steel (ENMZ; HOLD), Alchevsk Iron and Steel (ALMK; SELL), and Azovstal (AZST; SELL) were the top performing stocks in the order-driven market. Shares of Enakievo Steel were traded for 18.7 mln hryvnia, with share value increasing to 8.93% as a result. Alchevsk Iron and Steel stock increased 6.49%, while Azovstal – 6.15%. The former’s shares were traded for a total of 29.6 mln hryvnia and the latter’s – 11.7 mln hryvnia.