Cesky Telecom traded with a good volume at CZK 420 with only one seller present in the market. We think this strength is attributable to comments by the Swisscom CEO calling for an aggressive expansion strategy, although they reconfirmed they would have a high price sensitivity when pricing acquisitions. Orco debuted on the Prague bourse and the volume in Prague exceeded the traded volume on Euronext, Paris. The majority of the demand came from retail investors. Orco closed with a gain of almost 4% compared to its previous close in Paris. CEZ tested levels below CZK 350 but corrected towards the afternoon on no relevant news.