As it was mentioned in yesterday’s issue of UAIndex, hurricane Irene is yet to show its effect on the performance of the stocks. Monday was the first day when those effects were expected to show themselves. We are very happy to state that Irene has caused far less damage than expected previously. Insurance companies have reacted immediately by showing a confident increase during the Monday sessions.

In other news, U.S. consumer spending has risen by 0.8% during the month of July. Such increase is meant to show growing confidence of the average consumer in the economy of the United States and, therefore lower demand for savings. European stocks have increased after two Greek banks have announced the merger with the purpose of better coping with ongoing debt issues of the country.

Finally, positive news from the Ukrainian Agrarian Holdings have had their positive effect on UAIndex. After recent purchase of Ovostar Union shares, another company, Kernel has shown positive performance. Kernel Group, one of Ukraine's largest grain exporters and sunflower oil market players, in the 2010/2011 fiscal year (FY) saw its net profit rise by 43.4% year-over-year, to $217.6 million, according to a company report. Its revenues in the 2010/2011 fiscal year grew by 86.8%, to $1.906 billion. Kernel specified that in the fourth quarter of the reporting fiscal year its net profit rose by 84.5%, to $53.71 million, and its revenues doubled, to $478.31 million.

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