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New World Resources Heads for Two-Week Low as Commodities Slump

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July 12 (Bloomberg) -- New World Resources Plc, the biggest Czech producer of coking coal, headed for its lowest in two weeks as concern the global economic recovery is faltering hurt demand for commodities.

The stock slid 1.5 percent to 101.50 koruna by 1:26 a.m. in Prague, extending this week’s loss to 3.3 percent. A close at that level would be the lowest since June 28. The PX equity index, in which NWR has a 3.6 percent weighting, retreated 0.9 percent.

Stocks and commodities fell after the U.S. Federal Reserve disappointed investors seeking a more definitive signal for more quantitative-easing measures in the world’s largest economy. Europe’s benchmark coal derivatives dropped 0.4 percent to $95.50 a metric ton in the Netherlands, a fifth day of losses.

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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