CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

More protests at Tahrir square tomorrow.

Market update

Centamin announces that the appeal against the 30th October Administrative Court judgment is currently being filed through its subsidiary Pharaoh Gold Mines ("PGM").

Operations and the Stage 4 expansion project at Sukari have continued as normal since the Court judgment and are planned to continue to do so whilst the appeal process is underway.

The Company took the decision to suspend gold exports pending the lodgement of the appeal. As the appeal is now being lodged we are preparing to resume exports. The Company manages its working capital in country through gold sales and consequently a gold shipment is required shortly to ensure that on-going working capital commitments can be met.

Tahrir, as during the final days of Mubarak, has turned into a self-sustaining city of protest, with sweet potato sellers and other vendors supplying demonstrators camped in about 30 tents. Tear gas drifts in from outlying streets, flags flap, banners rustle. Many are concerned not only about politics but about livelihoods.

"I can't find a job to feed my kids. The political climate has destroyed our line of business," said Gamal Dabees, a tourism agency employee. "Tour companies and clients have been canceling trips and visits to Egypt since the revolution. We barely work now. With this kind of decree, how can business thrive? There is no law in the land."

Abd ElBaki Habiby, a 65-year-old engineer, worried about deeper national consequences.

"Morsi has threatened the stability of this nation because his loyalty is not to the Egyptian people, but rather to the Brotherhood who are going to destroy the reputation of Islam because of their ignorance and backward personal beliefs," he said.

Egypt’s benchmark EGX30 stock index dropped 9.59 percentage points Sunday in the first trading session since Morsi issued his decrees. The losses were among the biggest since the turbulent days and weeks immediately after Mubarak’s ouster in a popular uprising last year. The loss in the value of shares was estimated at close to $5 billion.

sell they have a new GOD well he thinks he is the new GOD

currently level of +/-60p is the lowest sp has been for quite a while (see chart below) ..... i'm not entirely convinced (MJ might care to comment), but a short even from this low level may have some legs

CEY definitely a short with such a leader in power

in fact have put in an order to short, but not yet filled at the level i want

Egypt's benchmark stock index plunged by nearly 10 percent Sunday in the first trading session since the country's Islamist president issued decrees to assume sweeping new powers, while police in central Cairo fired tear gas at protesters who accuse the Egyptian leader of a blatant power grab.

President Mohammed Morsi's edicts, which were announced on Thursday, place him above oversight of any kind, including that of the courts. The move has thrown Egypt's already troubled transition to democracy into further turmoil, sparking angry protests across the country to demand the decrees be immediately rescinded.

The judiciary, which was the main target of Morsi's edicts, has pushed back. Judges and prosecutors stayed away from several courts in Cairo and across much of the country.

The nation's highest judicial body called on judges and prosecutors to return to work and announced that its members would meet with Morsi on Monday to try to persuade him to restrict immunity to major state decisions like declaring war or martial law.

With the opening bell of the country's stock market on Sunday, the first day of the workweek in Egypt, the turmoil spread from the country's bitter politics to its already ailing economy. The Egyptian Exchange's EGX30 index dropped 9.59 percentage points, making the losses among the biggest since the turbulent days and weeks immediately after the ouster in a popular uprising of authoritarian leader Hosni Mubarak last year.

The loss in the value of shares was estimated at close to $5 billion.

I have recent low as 41p , although the chart indicates otherwise.

the chart shows closing prices

.

Thanks.

Cynic - Each man to his own, but I would not short CEY.
Good production figures etc.
Political high risks and uncertainties with Arab mentalities -
( what is in it for me )
Coming up to Xmas stock markets
I personally find shorting is very risky and only do it with large
well established UK Companies at the top of market momentum
Bob

my short order got filled, but it isn't huge ..... given the general market strength, it may not have been the wisest, and if so, i may cut it for a small loss

http://www.telegraph.co.uk/finance/markets/9704068/Centamin-falls-on-working-capital-concerns.html

We are in profit, cynic.

we is indeed :-)

Cynic - have u bought back yet ?

Maybe you still have good luck in your veins, after a couple of years
of stock market hell ? Well done so far - Bob

not yet, but shan't be greedy