The PX-50 index gained 1.12% to 651.7 points on Friday in closing at a three-and-a-half year high. Continued rally in Philip Morris CR and demand for CEZ and Komercni banka were behind Friday's growth. There was no specific equities-related news in the market. We reiterate our positive view for the market, though in-line with recent research reports we are more cautious as regards CEZ and Erste Bank as both have approached their respective stock-price targets. Volume in the SPAD trading system reached USD 31.67m.