The Index PX-50 closed up 0.4%; total volume picked up marginally compared to last week; however, we continue to trade below the long-term average. CEZ gained on international demand, Erste weakened ahead of the BCR announcement. After the close, the Romanian government confirmed Erste as the winner of the BCR stake for EUR 3.75b. We believe the market will open lower in Erste as the bid exceeds the market's expectations and Erste` s own share offering is now imminent. The rest of the market traded sideways with no major news.