As we expected, more sellers appeared on the market yesterday locking in recent strong gains. CEZ and Komercni posted a 2.5% drop on the day. Komercni banka fell on sentiment, CEZ responded to our lowered investment recommendation. Volatility remains above average. Zentiva shrugged off almost 1% of its value after the company said there were no plans to make an M&A announcement, responding to the Bloomberg article suggesting the company is looking to acquire the 4th largest Romanian drug producer. We expect a mildly negative session today again with special focus again on CEZ and Komercni - both will dominate volume.