Pondělí 18. ledna. Svátek má Vladislav.

Czech Equity Daily: 06/04/10; TEF O2, Macro

06.04.2010 | 12:09 0 Komentářů

Index PX: 1,227 points (up 0.4% d/d); volume: CZK 703bn (USD 37m)
 
Market comment
The Prague Stock Exchange was one of the few markets that could respond to the positive US unemployment data released on Friday. Although the number of newly created jobs did not fully matched expectations, the increase was one the largest in three years. From that point (2.30 p.m. CET) the PX Index was moving above zero. The positive figures triggered a buying wave across the market and the PX Index closed up 0.38%. Also the Hungarian BUX added 0.4%. Investors focused on NWR. At first, the stock climbed to CZK 233 especially thanks to the covering of short positions, then dropped below CZK 230 and in the end returned above CZK 233 (1.52%). Also CEZ experienced increased activity in the afternoon, although it grew only moderately to CZK 902.  Unipetrol extended its gains (+1.18%, CZK 172). CME´s shares, ahead of the closed PSE and open Nasdaq on Eastern Monday, added 0.9% (CZK 574). Only Pegas and Telefonica declined (-0.97%, CZK 438.7), Telefonica in response to a downgraded recommendation from Komercni banka with a new target price of CZK 435.
 
TEF O2: Neutral. LT: Pending. Target price: Pending.
The CEO of Telefonica O2 CR said for local daily HN that one part of the cost cutting measures applied for the company will be staff reduction that should impact less than 5% of total workforce (8,687 at the end of 2009). He also reiterated that the fixed line decline should be stopped during next year mainly due to internet services. This information is in line with our projection and earlier comments from the company.
 
Retail sales – February
eAFT: -3.5% y/y; eMarket: -3.5%; Previous (January): -5.0%
 
Trade balance – February
eAFT: 14.5 bn CZK; eMarket: 15.0 bn; Previous (January): 13.1 bn

Zdroj: J&T Banka

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