Bloomberg News

New World Resources Drops for Second Day as Fuel Prices Decline

July 18, 2012

New World Resources Plc (NWR) declined for a second day, headed for its lowest close this month, as fuel prices retreated on concern that further economic weakness in China will reduce demand.

The stock of the biggest Czech producer of coking coal fell 1.3 percent to 100.85 koruna by 11:36 a.m. in Prague. A close at that level would be NWR’s lowest since June 28. The PX (PX) index, in which NWR has a 3.6 percent weighting, slid 0.6 percent.

Oil declined in New York and emerging-market stocks fell after China signaled more economic weakness and analysts cut profit forecasts for European companies at the fastest rate since 2009. Europe’s benchmark coal derivatives slid for the first time in four days, falling 0.2 percent to $97.25 a metric ton in the Netherlands.

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


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus