Czech Equity Daily: 21/12/09; CME

...slight gains it made on the day before. The Index PX remained the whole day slightly in red. The trading activity was with the end of the week growing with the final auction revival with some titles making the same volume as during the entire day (Erste Bank). The PX ending was down 0.8% d/d. The Erste Bank was hit at the end and showed loss of 2.7% to 683 CZK. Komercni banka was down 1.0% to 3,850 CZK although the daily high was 3,911 CZK. After a relatively strong Thursday´s session on Telefonica O2 CR it lost 1.5% to 423 CZK. On the other hand the rebound on crude oil helped the energy sector with CEZ up 0.9% to 869 CZK, Unipetrol up 0.7% to 139.5 CZK and NWR up 0.7% to 160.9 CZK. CME: Neutral. LT: Sell. Target price: 18 USD. The CEO of TV Nova (local CME subsidiary) Mr. Petr Dvorak said for local daily that this year's standard commercials declined 20-21% y/y. Further he added that in other projects the development is better than planned. His expectation for advertisement market for 2010 is a growth of 5-6% y/y, but in one word he added that next year will be still very challenging. Such information is already known to the market and therefore we rate it neutral.