European stock exchanges were closed on Monday, April 09, 2012 which brought more attention to performance of U.S. indices. Dow Jones indicated a 1% decline after a week of overall fall and 4^th consecutive session of losses. U.S. employment report released on Friday has shown addition of 95K new jobs, 120K lower than the forecasted value. Such downward trend along with growing debt of Spain and overall growth of EU debt triggered lowered expectations of economic growth on the global scale. Additional concern was brought by an ongoing instability in Iran, Afghanistan, and Pakistan as well as missile launch preparations by the new government of North Korea.

AgroInvest comment: Judging by the overall decline of stock markets we expect more interest in undervalued stocks, the ones that indicate higher risk, but also provide higher return. UAIndex components have shown strong monthly growth, even for large companies (such as Avangard) gaining almost 30% of capitalization. Another interesting tendency is WSE reporting largest number of companies that held their IPOs in Warsaw (25) amongst largest European stock markets in 2012. We are still awaiting on Ukrainian agro holdings that postponed their IPOs last year come into the scene during second quarter of 2012.

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