The market finished higher led by CEZ and Erste. The total turnover increased, but it is still below the long term average. CEZ closed slightly up when investors awaited results of 2007 wholesale auction, which was announced after market close. Zentiva did not manage to finish in positive territory and admitted profit taking. Philip Morris rebounded after three day sharp drop. CME soared on the back of closing the US arbitrage gap.
* CEZ: The wholesale electricity price to growth by 16.9% y/y in 2007, when market estimated approximately 15% rise, we believe that news should have positive impact
* Telefónica O2 CR: CFO Mr. Sedivy became CEO of he Slovak branch Telefónica O2 Slovakia and will be replaced from internal sources, neutral
* Philip Morris: The Czech Government approved higher excise tax for tobacco products, we view news as negative