Centamin Jumps After Egypt Army Ousts President: London MoverThomas Biesheuvel
Centamin Plc, a producer of gold in Egypt, rose the most in more than three months in London after the country’s army ousted President Mohamed Mursi.
Centamin climbed as much as 17 percent, the steepest intraday gain since March 20. The company is embroiled in a legal dispute after Egypt’s administrative court made a preliminary ruling to annul its license for the Sukari gold mine, its only producing asset.
“Centamin’s legal troubles started only since the current government was in power, and its removal from office could ultimately turn out to be a positive,” analyst Maurice Mason at Peel Hunt LLP in London said in a note to investors today.
Egypt’s military yesterday removed Mursi from power, suspended the constitution and announced a presidential election in an effort to quell a political crisis that has polarized the nation. Centamin has plunged about 65 percent since the Oct. 30 preliminary ruling to annul its concession agreement. An appeal is set for September.
A company spokeswoman declined to comment today when reached by phone in London.
The stock traded 3.85 pence higher at 35 pence by 9:51 a.m. in London.