The market continues to be affected by the high holiday season and volumes have dropped below average, with negligible stock flows. Komercni banka however broke through the CZK 3,200 level as investors position themselves ahead of the earnings release this Friday. We expect a stronger result than the market consensus.
CEZ broke through a new all-time high on mixed demand and continues to trade in uncharted territory, with demand originating mostly from domestic accounts or momentum buyers from London - volume in the stock though remains lower than average. The Unipetrol earnings report may disappoint the investor community; nonetheless it seems that the buyout to be launched by PKN is currently the prevailing factor for the future price.