The market in black numbers on thin volumes

The Czech market closed up today on very thin volumes. The only Telefonica O2 CR finished in red numbers, the rest of the market increased. CEZ was the main leader as investors were speculating about high growth of electricity prices in the forthcoming base load auction. The virtual auction showed prices increase by 17.1% which is more than market expectation of 10-15% growth. Telefonica O2 CR declined as it has acquired GSM licence in Slovakia for SKK 150m and investors are worried about future dividend payouts. Very thin volume went through market and we saw some support at CZK 480. Komercni banka gained to CZK 3,300 level ahead of 2Q06 results which are expected tomorrow at 9:00am London time.