Erste Bank reported its consolidated results for Q1 and though the numbers came in line with market estimates, sellers prevailed to push stock down over 2% on the day. With Cesky Telecom it seems like sellers stepped back at the lower 440 level; we continue to see relative value buyers going into the name. Komercni banka gained after an upgrade from a London bank and corrected part of its recent losses. Domestic retail accounts reduced their positions in Unipetrol following its recently published quarterly results. However, many of them still await PKN’s announcement on the obligatory buyout due in the next few weeks. Zentiva continues to digest the recent placement of the bloc of 3m shares; it seems the stock will consolidate at the CZK 820 level with outlook for an upward move.
The April CPI index and unemployment rate are to be released today at 9:00am CET. The market expects consumer prices to rise 0.1% m/m and 1.6% y/y compared to a decline of 0.1% m/m and an increase of 1.5% y/y in March. The unemployment rate is expected at 9.8% compared to 10.3%. Patria’s expectation stands at 0.2% m/m and 1.7% y/y for the CPI index and 9% for unemployment.