The Czech market gained 2.13% on fresh money flows and the covering of short sales. CEZ and Philip Morris were the strongest performers ahead of the earnings release, which took place today. Philip Morris beat market expectations and we think its stock will be trading strongly again today. CEZ traded well above CZK 400, shrugging off recent pressure from margin sellers. Cesky Telecom consolidated at CZK 415; there was no tangible outcome from the analyst day, however we think the stock is likely to go higher ahead of the binding bids deadline on March 29. The Czech market is open today but will be closed on Monday, March 28.
Please note that the Prague Stock Exchange is closed on Monday, March 28 for the Easter Holiday. Trading resumes as normal on Tuesday, March 29.