The PX-50 index closed the week down 0.38% at 872.10 points, with Cesky Telecom dropping a further 1.93% as investors started pricing in the probability of the SPO of the government's 51% stake. Erste Bank traded only marginally down despite the leading shareholder selling a 1% stake in an accelerated placement on Friday. However, other investors can be relieved since the stock was strongly demanded and book was reportedly well oversubscribed. CEZ failed to react positively to its price target upgrade from a London house brokerage (its 2nd upgrade last week). Zentiva continues to benefit from both institutional as well as retail inflows and we continue to favour this name. Volume in the SPAD reached USD 44.22m.
Milan Procházka, Patria Finance