The Czech market closed lower thanks to profit taking despite the rest of region and EMEA continued in their rallies. CEZ, Zentiva and Telefonica O2 were most affected by international selling. CEZ was upgraded by some analyst, but declined by 1.5%. Erste Bank finished up by 8% in three days. Komercni banka found resistance around CZK 3,250 level. The best performance showed Orco after announced lower price for Viterra acquisition.
* CEZ: upgraded by HSBC to “overweight”
* Telefonica O2: downgraded to “Hold” from “Buy” by Patria/KBC due to share price increase
* Orco: finished Viterra acquisition for cEUR 75m vs previously indicated EUR 100m