The Czech market was again very active on Thursday as it digested the powerful rally of the previous session. Yet it still managed to gain further points. Both CEZ and Komercni added over 2% on the day, Unipetrol scored a further 5% and Zentiva managed to trade above CZK 800 (the price at which the key shareholder disposed of a sizeable stake last week). We believe the rally again occurred on technical factors, as some of the market makers seemed to have been caught short on the way up, which was a good catalyst for further strength. Cesky Telecom broke above CZK 450, a resistance level that held for almost two months - we think the stock will trade in a heavy volume and may get the momentum to climb well above current market levels. For today, we expect market consolidation - we may be able to sustain current levels as demand was ongoing even toward the end of the session.