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Summary for: Prague stocks post strongest weekly gain since April as CSG shares surgeThe Prague Stock Exchange posted its strongest weekly gain since April, ending two consecutive weeks of losses as defense group CSG, insurer VIG and several major banking stocks advanced.
The benchmark PX index rose 3.13 percent to close Friday at 2,657.34 points, its largest weekly increase since April 10. The previous week, it had fallen 1.51 percent.
Stocks finished higher in all five trading sessions, taking the index back above 2,600 points. However, investor activity remained below average throughout the week, according to Wood & Company broker Barbora Zelená.
CSG and VIG lead the rebound
CSG was the week’s strongest performer, climbing 10.56 percent to CZK 379.10, with much of the increase coming toward the end of the week.
Komerční banka analyst Bohumil Trampota said the shares had almost erased their losses from the preceding three weeks.
Apart from CSG acquiring a stake in Canadian space company MDA Space, there had been no substantial corporate announcements, he told the Czech News Agency.
Vienna Insurance Group, known as VIG, followed with a gain of 6.01 percent to CZK 1,675, ending five consecutive weeks of declines.
Trampota attributed its recovery primarily to Thursday’s increase in the insurer’s full-year earnings outlook.
Banking shares also helped lift the market. Moneta Money Bank rose 4.41 percent to CZK 191.60, while Komerční banka gained 3.83 percent to CZK 1,017.
Energy company ČEZ advanced 3.22 percent to CZK 1,380. Beverage producer Kofola recorded a smaller increase of 0.59 percent, closing at CZK 510.
Several industrial stocks move lower
Despite the benchmark’s strong performance, a number of listed companies finished the week lower.
Turbine manufacturer Doosan Škoda Power recorded the largest decline, falling 2.74 percent to CZK 461. Philip Morris ČR dropped 1.77 percent to CZK 17,740, while firearms manufacturer Colt CZ Group lost 1.75 percent to CZK 844.
Drone manufacturer Primoco declined 1.47 percent to CZK 670. Solar power company Photon Energy fell 1.19 percent to CZK 6.66, and powder metallurgy specialist Gevorkyan slipped 0.55 percent to CZK 180.
Erste Group shares edged down 0.15 percent to CZK 2,670, marking their third consecutive weekly decline.
Friday brought the week’s highest trading volume, at approximately CZK 430 million, Zelená said. Even with that increase in activity, the week’s rebound took place against generally subdued trading rather than unusually heavy buying.
