All blue chips closed deep in red after general sell off in emerging markets. Today was everything about CEZ. Prices of CO2 permissions dropped 30% and electricity 5%. Morgan Stanley placed 1m shares at CZK 755, sold in 10 minutes. CEZ was also the most traded stock with 60% of total volume. Philip Morris fell to fresh 3 years low not even falling dollar did not help to stock to recover. Komercni banka failed to maintain CZK 3,600 level, but found support at CZK 3,570.
15.05.06 Unipetrol will post its 1Q06 IFRS results; Patria estimates NI at CZK 1.2bn, market consensus CZK 880m
CEZ: the firs trading day without dividend rights
CEZ: EU will report CO2 balance for all countries
16.05.06 PPI (April): Patria estimates +0.4% m/m
Industrial output (March): Patria estimates 14% y/y, market consensus 12,5% y/y
18.05.06 CEZ reports its 1Q06 IFRS results at 8:45am London time; our NI expectation is CZK 9.85bn