The Czech market opened its first trading day in 2006 by breaking out to fresh index highs. The PX-50 gained 0.86%, led by Erste, Zentiva and CEZ. Overall, the volume was low as the UK, US, Japan and Russian markets were closed for public holidays. We expect the market activity will increase gradually towards the week-end. The key shareholder's lock up period in Zentiva ends on January 20th. We believe the stock will eventually be divested either via book building or through a bloc placement - most likely among domestic accounts that are already key owners of the stock.