We saw a mixed trading session and moderate trading activity on Tuesday, with the PX-50 index gaining 0.42% on the day. Philip Morris gained a strong 5.1% on mixed demand from both domestic as well as international accounts. Philip Morris will report its quarterly results by the end of August but we doubt their performance could justify the recent rally. CEZ saw only initial strength after the release of the results of its 400MW 2006 capacity auction yesterday - a few domestic sellers held the stock close to CZK 530. Zentiva is consolidating at the CZK 875 level. We continue to be positive for the market in the near term, though daily volatility is to remain low and volumes will only gradually pick up towards the end of the holiday.