Bloomberg News

CEZ Falls From Highest in Five Weeks, Pares Third Weekly Advance

June 08, 2012

CEZ AS (CEZ), the biggest Czech utility, fell from a five-week high, paring its third week of gains as the price of electricity fell to the lowest in 19 months.

The stock fell 1.4 percent to 742.5 koruna by 3:20 p.m. in Prague, reducing this week’s advance to 1.6 percent after being unchanged yesterday. CEZ rose 3 percent in the three days ending June 6 to the highest price since April 30.

Next-year power in Germany, where CEZ exports part of its output, slid 0.4 percent to 48.10 euros per megawatt-hour, the lowest since November 2010. Global stocks and oil fell and the euro weakened as German exports and Italian industrial output shrank while policy makers damped expectations for monetary stimulus.

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


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