Bloomberg News

CEZ Declines to Lowest in 2 1/2 Months as Chinese GDP Slows

April 13, 2012

CEZ AS (CEZ), the biggest power utility in the Czech Republic, fell toward its lowest in 2 1/2 months, leading a drop in the country’s shares as China’s slower-than- forecast economic growth drove investors from riskier assets.

The stock slumped 1.8 percent to 774.5 koruna by 3:07 p.m. in Prague, headed for its lowest closing price since Jan. 30. The PX (PX) equity gauge, where CEZ has a 21 percent weighting, slid 0.4 percent to 936.00, paring this week’s gains to 0.9 percent.

Global stocks and commodities fell after China said gross domestic product in the world’s second-largest economy rose 8.1 percent in the first quarter, the smallest gain since mid-2009. The cost of insuring bonds against a Spanish default approached a record high as Premier Mariano Rajoy struggles to prevent the nation from becoming the fourth euro member to need a bailout.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus