CEZ Rises Most in Three Months as German GDP Lifts Power Price
CEZ AS (CEZ), the biggest Czech utility, rose the most in almost three months after faster-than-expected economic growth in Germany helped to lift the price of electricity to a three-month high.
The stock increased 1.9 percent to 740 koruna, the steepest one-day advance since May 21, outperforming the 1 percent gain for the country’s 14-member PX (PX) equity index.
Power for next-year delivery in Germany, Europe’s biggest economy that buys part of CEZ’s output, climbed as much as 0.5 percent to 50.25 euros per megawatt-hour. Stocks and commodities rose after data today showed German economic growth and U.S. retail sales beat estimates, while France avoided an economic contraction.
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