Lynas Surges on Malaysian Government’s Victory: Sydney MoverDavid Stringer
Lynas Corp., the Australian company building the world’s largest rare earths plant in Malaysia, rose the most in eight months as the Southeast Asian nation’s government extended its 55-year rule.
Lynas rose 16 percent to A$0.58 in Sydney trading, the most since Sept. 6, 2012. Australia’s benchmark S&P/ASX 200 Index gained 0.5 percent.
Prime Minister Najib Razak’s coalition retained a parliamentary majority in an election held yesterday, defeating opposition leader Anwar Ibrahim, who has disputed the results and has said he would review Lynas’s permit for the plant if he won power. The company began production in February at its 11,000 metric ton-capacity first-phase refinery in Pahang state after protests and legal challenges over radiation concerns.
Lynas declined to comment on Malaysia’s election result or stock price movement, Cameron Morse, a spokesman for Lynas who works for FTI Consulting, said by phone from Perth.