CEZ gained almost 3% following the company’s presentation at a major European utility conference in London. Cesky Telecom continues to trade in large volumes and a narrow range as the market awaits further steps after Telefonica acquired control. However, any announcement is unlikely as Telefonica has to approach European regulators for approvals. Philip Morris was down ahead of the ex-dividend date today. Unipetrol was up again on retail demand despite the weakness in oil and crack spreads margin. For today we expect initial weakness after a negative close on the US market, however any substantial sell off is unlikely.
The March PPI is to be released today at 9:00am CET. The market expects a rise of 0.3% m/m and of 6.6% y/y compared to 0.2% m/m and 7.1% y/y in February. Patria’s estimates are in line with the market forecast.