J&T Banka Czech Morning Note: 03/07/18; CEZ
Datum publikace: 3.7.2018 09:29 | Zdroj: (Atlantik)
Index PX: 1,071 points (up 0.6% d/d); volume: CZK 606m (USD 27m)
Market comment
The first week of the new quarter we experienced a very interesting session. And despite a shorter week due to public holidays on Thursday and Friday. CEZ (+3.13%) shares declined after the opening to just below CZK 515. However, CEZ erased losses immediately, suggesting either the fat finger, or an order at market. However, the rising price of electricity has suported CEZ and it became the winner of the day. Speculation about M&A target lifted Moneta (+1.7%). Komercni banka (+0.96%) benefited from rising interest rates. The main PX Index significantly exceeded the global stock markets. On the other side of the spectrum were the Austrian Erste Group (-0.84%) and VIG (-0.99%) which traditionally correlate with the outside world. Pegas also declined (-0.88%).
CEZ: Negative. LT: Buy. Target price: CZK 568
According to CNB, Member of the Board of Directors of CEZ Ladislav Stepanek sold 58,066 shares. Share sales by top management members are usually not perceived positively by investors.
Milan Vanicek
Head of Research
phone: +420 221 710 607
mobile: +420 739 529 520
e-mail: vanicek@jtbank.cz
Jan Pavlik
Head of Equity Sales
phone: +420 221 710 628
e-mail: jpavlik@jtbank.cz
J&T BANKA, a.s.
Pobrezni 14, 186 00 Prague 8, Czech Republic
phone: +420 221 710 666
fax: +420 221 710 626
fax: +420 221 710 211
www.jtbank.cz
