CEZ shares at all-time high, buoys Czech bourse

03.07.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

PRAGUE, July 3 (Reuters) - Shares in Czech power utility CEZ gained nearly 4 percent to make an all-time high for the second consecutive...

...session on Tuesday, sending the Prague bourse's main index to a record peak.

State-controlled CEZ was the biggest gainer among blue-chip stocks on the Prague Stock Exchange, trading 3.7 percent higher at 1,136 crowns by 1323 GMT and overtaking Monday's high of 1,103 crowns.

The blue-chip index PX was up 1.94 percent at 1,893.1 points, beating a previous all-time high of 1,863.2 reached on June 15. It has gained nearly 20 percent so far this year.

Komercni Banka , the only listed Czech lender and a unit of France's Societe Generale , rose 3.5 percent to a six-week high of 4,115 crowns.

"CEZ broke through the 1,100 psychological level, opening the scope for a rise in the stock price," said Radim Kramule, analyst at Ceska Sporitelna.

"Komercni Banka also moved above the 4,000 mark ... It is being led by foreign sentiment," he added.

The Prague bourse index's gain beat an 0.8 percent rise in the pan-European FTSEurofirst 300 , while advancing largely in line with regional peers in Warsaw and Budapest, which were up 2.1 percent and 1.7 percent, respectively.

European shares rose on the back of a rally on Wall Street overnight, where a flurry of takeover deals as well as data showing a surprise pickup in U.S. manufacturing activity eased recent fears over the impact of rising borrowing costs on M&A activity and the overall U.S. economy.

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