Bloomberg News

New World Resources Gains for Second Day on Stimulus Speculation

June 05, 2012

New World Resources Plc (NWR), the biggest Czech producer of coking coal, increased for a second day as speculation policy makers will take more steps to stimulate global economic growth boosted demand for riskier assets.

The stock jumped 2.1 percent to 93.2 koruna by 10:48 a.m. in Prague, adding to a 2 percent gain yesterday. The PX (PX) index of 14 equities, in which NWR has a 3.5 percent weighting, advanced 0.8 percent.

Global stocks rose and oil gained as leaders from the Group of Seven countries prepared to discuss the European debt crisis ahead of the G-20 meeting this month. NWR has been rebounding from an 11 percent drop last week to its lowest in almost three years, which sent the stock’s 14-day relative strength index to 22 on June 1. Readings below 30 suggest in technical analysis an asset may rise. The RSI climbed to 29 today.

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


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus