The PX-50 index gained 0.73% to 850.4 points on Wednesday as demand for Cesky Telecom pushed the market higher. Cesky Telecom added 2.3% driven by international demand as investors increased their long positions in the stock ahead of the Q1 results due to be released later today. We do not anticipate a surprising set of figures. More importantly, investors will digest yesterday's dismissal of Eurotel's CEO and the resignation of three CT Supervisory Board members. Even though changes in Eurotel are largely priced in, the latter came as a surprise and may bear marginally on the stock price. Unipetrol resumes trading today and we expect ongoing interest from institutional accounts, however retail shareholders are still expected to continue reducing positions and locking in profits. The volume on the SPAD system reached USD 58.86m yesterday.
Milan Procházka, Patria Finance