Bloomberg News

Czech Stocks: Komercni Banka, Erste, New World Resources Active

February 24, 2012

Feb. 24 (Bloomberg) -- The Czech Republic’s PX stock index rose for the first time in four days, adding 0.7 percent to 1,001.3 at the close in Prague.

The following were among the most active equities on the Prague stock exchange today. Stock symbols follow company names.

Komercni Banka AS (KOMB CP), the Czech unit of Societe Generale SA, climbed for the first week in three as Bank of America Corp. raised its outlook for the European banking industry to “overweight” from “neutral.”

Komercni climbed 1.3 percent to close at 3,640 koruna, bringing its gain to the week to 1.8 percent. Societe Generale rose 6.2 percent to 24.43 euros in Paris.

Erste Group Bank AG (RBAG CP), eastern Europe’s second- biggest lender, gained as much as 4.7 percent in Prague and closed up 2 percent higher at 458 koruna. The shares were up 2.5 percent in their home market of Vienna.

Erste probably swung to net income of 228 million euros ($292 million) in the three months ended Dec. 31 after a net loss of 1.49 billion euros in the third quarter and net income of 245 million euros a year earlier, according to the average estimate of 11 analysts surveyed by Bloomberg. The bank is due to report results Feb. 29.

New World Resources Plc (NWR CP), the largest Czech coking- coal company, gained a second day as signs of economic recovery in the U.S. and Germany drove demand for commodities.

The stock rose 0.3 percent to close at 154 koruna, after adding 2.3 percent yesterday.

--Editors: Peter Branton, Ash Kumar

To contact the reporters on this story: Douglas Lytle in Prague at dlytle@bloomberg.net; Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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