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Kernel Slumps as Erste Says Reduce Ukraine Sunflower-Oil Maker

Kernel Holding SA (KER), Ukraine’s biggest sunflower-oil producer, fell to the lowest level in two weeks after Erste Group Bank AG started coverage on the company with a recommendation to reduce holdings in the stock.

The stock declined 3.2 percent to 70.75 zloty at 12:53 p.m. in Warsaw, the lowest intraday level since April 10. The Austrian bank set Kernel’s price estimate at 66.1 zloty.

“The global pricing environment has been favorable in recent years for food companies, but a cooling off of the segment is possible,” Erste wrote in a research note today.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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