The PX-50 index gained 1.84% to 447.9 points yesterday as European bourses rebounded from recent long-term lows. Unipetrol gained a strong 5.3% after OMV of Austria reiterated its interest in Unipetrol should Agrofert fail to meet its own bid of EUR 361 mil. for a 63% stake in the company by the end of September (see below). The buyers were primarily domestic retail investors.
Komercni banka rallied up 4% to CZK 1,792. Other names essentially traded sideways. For today, Komercni and CEZ are expected to be in the spotlight; however, Komercni is likely to correct in the short term as investors will begin taking profits, we believe.
Milan Prochazka