Roman Skalický (Lutherus)
Czech markets  |  October 26, 2012 10:20:00

Week of shares in SPAD

Despite mixed trading in key markets held on Monday PSE for substandard moderate volume growth, driven primarily by bank titles. A certain amount of optimism in the market and Telefónica adding that despite the negative recommendations HSBC (downgraded to "neutral" from "overweight", target price 430 CZK left) strengthened up to CZK 390.90.

 The following day, however, trading floors, under the weight of often poorer results and the prospects of companies in the U.S., headed to the South. Both banking stocks reacted significantly decline, especially Erste Bank (-2.99%), whereas the ČEZ despite continued decline in electricity prices only returned to the level of 720 CZK, which in other days showed considerable support.

Wednesday then brought to the markets slight return from previous downturns, mainly due to signs of recovery in the Chinese industry. It showed HSBC purchasing managers index in the industry, which rose from 47.9 the previous (in September) to 49.1 points (October) and got up in the last three months. Despite the improvement, but the index still remains below 50 points, indicating a loss of activity.In the afternoon, the ECB president Draghi German Parliament in his speech assured that OMT operation will not lead to inflation, not governments or funding risk for taxpayers and jeopardize the independence of the ECB. While Erste Bank through reduction target price by Deutsche Bank from 18.0 to 17.5 EUR retained recommendation "hold" partially corrected the decrease from the previous day and held in positive territory, KB shares for the first time after a week short weakened to below 4100 CZK. Considerably descent shares   NWR is mainly traded in the range 83 to 85 CZK and almost unresponsive to reduction target price by UniCredit to 77 112 CZK and left recommendation to "sell".  

On Thursday, Unipetrol earnings season kicked off in SPAD for Q3 2012th Nevertheless, the company surpassed estimates at all levels of income in a long time, she returned to "green numbers", not for shares to a major reaction and degree stagnated at 170 CZK. Markets that information has been a major surprise as they had the week before the company released preliminary data. Conversely signals indicating re deterioration in refining margins in 4Q cause more uncertainty in the next period.   Despite the slightly positive development in key floors of Europe and the USA, PSE could benefit from this mood and stagnated at extremely low activity, as well as most major titles.

Friday's session in the PSE entered identically with negative sentiment in Europe. Commercial Bank shares have weakened in response to the reduction in the rating outlook from S & P with the same parent Société Générale (rating of "A", reduced outlook from "stable" to "negative") and the beginning of the session trading close to 4050 CZK. The decrease is added with closed domestic market as well as Erste Bank (453 CZK, -2.25%). Pronounced declines continue at Orco (CZK 63.81, -2.36%), which falls a week and gives investors the previous gains. The weakening occurs even NWR (CZK 83.47, -1.01%) and CEZ (CZK 719.10, -0.54%), which currently only 720 CZK heavily defended.On the contrary, thanks to an optimistic conclusion in U.S. stocks KITD today saying goodbye to SPAD segment of the current level of 45.75 CZK (+2,23%) From Monday, the title is traded only on the market for a new START. The weekly view of Monday's PX index values ??around 990 points gradually declined to the current level of 967.46 points.

Q3 earnings season for 2012 will be continuously influence the development of the individual titles in SPAD until the end of November. From a global point of view, we can expect any market reaction to the outcome of the presidential elections in the U.S., but also to the ever-increasing number of voices among leading economists who point to concerns about the possible collapse of the world's largest economy from the fiscal cliff and the inability of U.S. lawmakers to find a compromisesolution. contrast, low stock prices and long slightly growing markets give speculators in the markets of significant opportunities.


Ing. Milan Andrys


Tyto zprávy pro vás vytváří Lutherus s.r.o. investiční zprostředkovatel registrovaný Českou národní bankou

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