Shares of the Czech defence companies listed on the Prague Stock Exchange (PX) weakened on the first day of trading this week after Russian President Vladimir Putin hinted he would end the Russian war in Ukraine following the commemorations of the end of World War II.

“Weaponry titles were not doing well after the Russian president stated that according to his view the conflict in Ukraine is nearing an end,” Pavel Hadroušek, shares trader at Fio bank, was quoted as saying by the Czech Press Agency (CTK).

Shares of the Amsterdam-listed defence and machinery conglomerate Czechoslovak Group (CSG), which are traded in Prague as well, weakened by 4.52% to CZK380 (€15.6) per share in the closing hours of trading on May 11.

Shares of the weaponry group Colt CZ, which announced a dual listing on Euronext and PX last month, weakened by 2.65% to CZK1030 per share. Drone maker Primoco titles weakened by 3.77% to CZK816 per share.

The PX index dropped by 0.26% to 2528,19 points on May 11, when the bourse leader, the majority state-owned energy utility ČEZ shares, firmed by 0.81% to CZK1240.

Bank titles also weakened, including Moneta Money Bank (-1.05% to CZK179.9), Erste (-0.29% to CZK2416), and Societe Generale’s KB (-1.19% to CZK999), while the insurance group VIG firmed, as did titles of the Czech soft drink producer Kofola, and the Pilsen-based machinery group Doosan Škoda Power. The solar plant maker Photon Energy boomed by 12.08% to CZK6.68.