Sept. 20 (Bloomberg) -- New World Resources Plc, the Czech Republic’s biggest producer of coking coal, fell the most this month as a drop in commodity prices overshadowed an upgrade from PKO Bank Polski SA.
NWR retreated 2.7 percent to 90.01 koruna by the close in Prague, its steepest one-day drop since Aug. 30 and extending losses this year to 34 percent. Europe’s benchmark coal price fell 0.7 percent to $98.85 a metric ton in the Netherlands.
Basic-resources companies are among the biggest decliners in Europe today after data showed manufacturing and services output in the euro area, the biggest buyer of Czech exports, fell to a three-year low in September. Chinese manufacturing probably shrank for an 11th month and Japan’s exports tumbled for a third month, according to separate reports.
“Trading in Asian markets brought a significant worsening of investor sentiment because of renewed concern about the global economy after Japanese exports and data on the Chinese industry disappointed,” Josef Nemy, a stock analyst at Komercni Banka AS in Prague, wrote in a report to clients today.
PKO raised NWR to hold from sell in a report from Warsaw-based analyst Artur Iwanski, citing the stock’s “significant decline” and expectations coking coal will rebound next year.
To contact the reporter on this story: Krystof Chamonikolas in Prague at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org