Centamin Sukari Archives - Bartle Doo Article Archives

LONDON — The FTSE 100 has been lifted by rising mining shares today, up 0.45% to 6,305 points as of 8:15 a.m. EDT after the latest inflation figures from China were lower than expected, boosting expectations of a continuation of the country’s stimulus policies.

But not all shares are going up. Here are three constituents of the various FTSE indexes that are lagging today.

ICAP
ICAP shares have dropped 0.17% to 292 pence after the interdealer broker was moved to comment on press speculation regarding an investigation by the Commodity Futures Trading Commission into the possible manipulation of prices for the ISDAfix benchmark for swap rates.

Telling us that it does not make submissions to ISDAfix but is involved in the administration of part of the process, the firm said, “ICAP had no knowledge of the allegations prior to the media speculation, and is investigating them.”

Victrex
Despite a first-half update from Victrex telling us that sales volumes are ahead of last year, the company’s shares have fallen 1% to 1,578 pence. The firm, which makes speciality polymer materials, shipped 1,392 tonnes compared to 1,377 tonnes in the first half of last year. The company describes its order book for April as “robust.”

Despite a small reversal since the middle of March, Victrex shares have had a strong run of late, gaining a third since last July.

Centamin
Shares in Centamin, the Egypt-based gold miner, have dropped 4.8% despite the release of a solid first-quarter production update. Gold production from Centamin’s Sukari mine for the period amounted to a record 87,016 ounces, up 77% on the same period last year and up 2% on 2012’s fourth quarter.

Chairman Josef El-Raghy said that, “This marks a solid start to the year and output remains on target to achieve the 2013 guidance of 320,000 ounces,” and he told us the firm’s planned stage-four expansion is on course for an end-of-year completion.

Finally, reliable dividends can more than compensate for the day-to-day ups and downs of share prices. So how about a company that’s offering a 5.7% yield and could be set for some nice share-price appreciation, too? It’s the subject of our brand-new report “The Motley Fool’s Top Income Share For 2013,” which you can get completely free of charge — but it will only be available for a limited period, so click here to get your copy today.

The article Why ICAP, Victrex, and Centamin Should Lag the FTSE 100 Today originally appeared on Fool.com.

Alan Oscroft has no position in any stocks mentioned. The Motley Fool recommends Victrex. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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Source: FULL ARTICLE at DailyFinance

By Sam Robson, The Motley Fool

Filed under: Investing

LONDON — Centamin this morning released its audited annual results for the year ended Dec. 31, 2012, revealing record EBITDA of $233.3 million, up 10% on 2011.

Full-year production at the Egypt-focused gold-miner was up 30% on the previous year, with the final figure of 262,828 ounces above the guidance of 250,000 ounces. Basic earnings per shares rose 2% to $0.1827, while Centamin has continued to reap the benefits of the high gold price as it remains debt-free and unhedged with cash, bullion on hand, gold sales receivable, and available-for-sale financial assets of $219.4 million as of Dec. 31, 2012.

Centamin’s Sukari gold mine — now in its third year of production — has been pivotal to Centamin’s fortunes in recent months and had a rollercoaster effect on the share price. First, operations were suspended due to a lack of diesel supplies and the halting of sales by “unforeseen and arbitrary” red tape, which caused a 61% crash in the share price in a single day. The price recovered 25% the following day as the fuel supply resumed and a further 25% a few days later as customs lifted its halt on gold exports from Sukari.

Management “remains confident that a satisfactory outcome will ultimately be achieved” over two separate court cases relating to Sukari. The first concerns a decision by the Egyptian General Petroleum Company to charge international prices, rather than local (subsidized) prices, for the supply of diesel fuel oil. The second involves a judgment by an Egyptian administrative court in relation to the validity of Centamin’s 160-square-mile exploitation lease — though normal operations are able to continue during this process.

Having shed 4.7% of its value as of 10:05 a.m. EDT today, at 54 pence Centamin’s share price has yet to regain all of its value prior to the plunge, and whether the potential for recovery makes Centamin a buy remains your decision.

Indeed, you may wish to consult this free Motley Fool report, which explains how betting on battered shares can provide wonderful gains — if the underlying company recovers. To put a possible turnaround into perspective, Centamin’s shares reached a peak of 197 pence before the Egyptian troubles erupted. Anyway, if Centamin is tempting you today, please click here to read the Fool’s exclusive “millionaire” report before you hit the buy button.

The article Record Profit at Gold Miner Centamin originally appeared on Fool.com.

Sam Robson has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Why ICAP, Victrex, and Centamin Should Lag the FTSE 100 Today

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