Domestic shares moved higher in the morning, Europe also moved up

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Investiční bankovnictví KB

      Trading with shares is again in similar fashion as in the previous days. Domestic shares moved up in the morning while the European markets traded down. Continuing rise in Erste Bank and Unipetrol helped to overcome losses of Cesky Telecom and CEZ. Market activity is, however, again poor. The PX-D index rose by 0.3% to 1,241.1 points. Unipetrol outperformed the market in the morning moving up by 2.4%. Erste Bank increased by 0.8%. On the contrary, these gains are cut by losses of Cesky Telecom and CEZ. Cesky Telecom was down by more than 1% following the news it is negotiating on takeover of Eurotel. This news sidelined speculations about payment of a windfall dividend.

      

       European shares were slightly down in the morning, but it managed to recoup its losses. Technology sector moves up led by Finish Nokia due to expected stronger opening of Nasdaq. Retail sector gains ground after better financial results of Hennes&Mauritz and Woolworths. On the contrary, Swisscom bucks the trend after weaker results. British Airways trade down after it said it speeded up layoffs due to worse economic conditions. It is also cutting capacity by 4%. European macroeconomic data was not positive. German IFO index lagged behind expectations, after it dropped from 88.9 to 88.1 in February.

      

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