CEZ Declines to Lowest in 2 1/2 Months as Chinese GDP Slows
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 firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.