The PX-50 index gained over 1.24% yesterday, as it continues to rebound from oversold territories. CEZ was the day’s stellar performer with over a 2% gain. We expect CEZ will continue to grow in the near term, as we see a developing story relating to the company’s dividend programme, which is likely to be revised after the new Polish government announced a halt to its energy sector privatisation. CEZ, which is interested in some sizeable assets in Poland, may be left with spare cash, which is likely to be distributed among shareholders if no other targets are available. Zentiva, Erste and Unipetrol also rose on no major news. Orco surprisingly held in positive territory, despite posting weaker Q3 numbers. Today, most of the US accounts will be inactive thanks to Thanksgiving, a big overseas holiday, therefore we expect below average volume, though trading in black.
The Board of Governors meets today. No interest rates changes expected.