Czech market posted further gains on Tuesday. Erste bank continues to be strong performed following its EUR 2.7b capital hike. CEZ posted fresh record high following positive sector news as EON launched biggest ever takeover bid for Spanish utility Endesa. Deal may signal further rebalancing of power in the utilities sector in Europe. Orco reported full year sales ahead of its earlier forecast, we expect this will positively reflect into the stock price. Market awaits Cesky telecom results tomorrow afternoon, dividend though remains key element for the future share price performance.