The PX-50 index closed up 0.54% yesterday, with Zentiva and CEZ wrapping up the 9m reporting season in the Czech Republic. Both reported in-line to better results than market estimates. For this quarter end, none of the domestic blue chips reported below-market estimates. As a result, Zentiva shot up over 2% on the day and CEZ rose by 1.2%. Overall trading activity was relatively high given that peer markets were closed for a one-day holiday. Cesky Telecom continued to see solid demand after a series of broker notes issued last Friday, although we already saw some selling yesterday as the market expects the price to consolidate in the CZK 325-330 range prior to any announcement on the government offering of the 51% stake. Even though the impact will be limited, if any, markets will eye the outcome of the US Presidential elections today. Trading in Erste Bank should be back to normal levels as the Austrian market resumes trading today.
Milan Procházka , Patria Finance