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New World Resources Drops Fourth Day on U.S., European Economy

March 6 (Bloomberg) -- New World Resources Plc, the biggest Czech coking-coal producer, dropped for a fourth day after reports from the U.S. and Europe signalled economic growth is slowing.

The stock slumped 2.5 percent to 150 koruna by 9:48 a.m. in Prague. A close at that level would mark NWR’s longest stretch of declines in more than three months. The PX gauge of companies retreated 0.5 percent.

Global stocks and metals fell as U.K. retail sales shrank before a report today that may show the European economy contracted in the fourth quarter. A report yesterday showed U.S. factory orders fell while China announced the lowest economic growth target since 2004. Europe’s benchmark coal derivatives slid 0.4 percent to $112.6 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

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