The PX-50 index gained 1.13% on Friday after CEZ reached new highs. CEZ continues to benefit from a series of recent brokerage upgrades and the company's upbeat outlook for electricity pricing over the next 5 years. Investor demand originates both from domestic as well as international accounts. Volumes have increased and we expect to see CEZ testing CZK 300 levels in the next few days. In the last two sessions we saw substantial inflow into Erste, which is finally fully benefiting from its eastern European banking exposure and the fact that investors consider Erste as one of the most liquid proxies into the EMEA. Cesky Telecom is awaiting further announcements on the sale of the government-held 51% stake. Unipetrol continues to be well bid on expectations of EU clearance of the company's takeover by PKN followed by a public bid for all the outstanding shares by the acquirer. The debut of the Polish PKO BP was a success on day 1 of its trading; today Warsaw is closed for a public holiday. Its success was crucial for the further direction of other regional rivals’ share price performance. Volume in the SPAD reached USD 64.26m.
Milan Procházka, Patria Finance