Despite our expectations, the Czech market picked up substantially in terms of market activity and price movements yesterday, with the PX-50 index gaining 1.10%. Philip Morris CR went up almost 7.0% on what was likely window dressing as no relevant news was released. The stock recouped the losses of the past two weeks driven by mixed demand. Investors in Unipetrol will likely welcome the news that members of the IOC consortium will not exercise Ceska rafinerska call option and Unipetrol's acquisition by PKN can proceed as planned. CEZ recorded another fresh high after London buyers stepped in once again. Cesky telecom continues trading in a narrow range around the CZK 330 level. The volume in the SPAD reached USD 36.39m.
Milan Prochazka