The PX-50 Index broke a new all-time high on Monday, the first trading day of 2005. CEZ and Zentiva followed the index and also recorded their respective all-time highs. The positive perception on the performance of the Eastern European markets in 2005 was behind yesterday’s growth; we continue to trade on irrelevant news stories. Cesky Telecom was the most active stock as investors start anticipating the increased news flow related to the sale of the 51% government-held stake. Potential suitors will register by January 21 and, even though we are unlikely to register any indication levels at this stage, the number of potential bidders should give us something to go on. Banks were generally bid on well across the entire EMEA yesterday, Komercni and Erste followed in a similar pattern. Unipetrol continues to be bid on by domestic retail accounts, the supply from London still apparent in the market, though.