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.

Sold about 90% of mine in the last few day's

Good call. Anything you're not telling us?

No , but once it get's below 160 i thought we would see a lot of sell's. Also the price was not moving up with the gold price like its peer's, i think the political risk as increased since the Tunisia unrest.

Yes, I heard the same. Close proximity to Tunisia has spooked investors. Once the political unrest is concluded CEY may well bounce back. How long that will be ....... I have no idea.

not that damn close and if the violence in tunisia had been linked to islamic extremism, then there may have been cause for concern - patently it was not ..... my own view of CEY and gold in general in in post 452

cynic

If investor's think there is a risk then they will sell, and if i think that is starting to happen then i will sell , and you still have the choice of buying back in at a lower price.

Any extremism is a political risk.

Tunisia contagion sends Egypt tumbling
Wed Jan 19, 2011 3:33pm GMT

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By Matt Smith

DUBAI Jan 19 (Reuters) - Cairo's stock index tumbled to an 11-week low on Wednesday on fears of a contagion from the unrest that toppled Tunisia's president and further volatility is expected as investors eye Egypt's 2011 presidential election.

Cairo's main benchmark .EGX30 has fallen 6.7 percent this week, wiping out all the gains of late 2010 and confounding many analysts that had picked Egypt, along with Qatar and Saudi Arabia, as the top equity picks in the Middle East for 2011.

Yet Egypt remains attractive as a macroeconomic play, despite regional turmoil.

"Selling seems to be coming from all directions," said Simon Kitchen, a strategist at EFG-Hermes in Cairo.

"Retail investors are strong sellers, which is shown by many of the small- to mid-cap stocks doing particularly badly, while the proprietary desks at foreign institutions are also selling.

"Institutional investors interested in Egypt are waiting to see what happens - why stick your neck out and buy now?"

Commercial International Bank COMI.CA fell 7 percent this week, while other major losers included Orascom Telecom (ORTE.CA: Quote) and Ezz Steel ESRS.CA. [ID:nLDE70I0CD]

On Tuesday, an Egyptian man set himself on fire near parliament, following a self-immolation in Tunisia that provoked mass protests and helped to oust president Zine al-Abidine Ben Ali after 23 years of rule. Similar cases were reported in Algeria and Mauritania. [ID:nLDE70H2ID]

"A lot of people want change in the region, but do not know exactly what that would mean -- regional political risk has risen sharply over the past week," said Angus Blair, Beltone Financial's Head of Research.

Tunisia's troubles, the collapse of Lebanon's government, food price protests in Jordan and the elections in south Sudan have all contributed to this, said Blair.

"But this is not a homogenous region and we need to look at each country individually," he said. "The changes in Tunisia means there will be long-term political changes in the Middle East and North Africa, but I'm more concerned about developments in Lebanon in the short term."

Across the Middle East, there is little real democracy and although there were parallels between the autocratic regimes of Tunisia's Ben Ali and that of Egypt ruler Hosni Mubarak, who has been in power since 1981, Egypt is unlikely to be engulfed in a similar uprising.

"Egypt is cash rich and while there is unemployment, it also has a very diversified economy...the informal economy is massive - Tunisia's economy and commerce was more policed and regulated," said Beltone's Blair. "Egypt has a much freer economy and the media has seen much more openness over the past few years - almost all political groups have their own voice and a means to let off steam, unlike Tunisia."

Egypt's economy is forecast to expand 5.4 percent in 2010 to 2011 and 5.5 percent the year after, growth forecasts only Qatar can better in the Middle East, so bargain hunters should step in for short-term gains.

"There's a big buying opportunity for traders over the next few days because stocks are cheap and well supported by decent dividend yields," added Blair.

Yet some fund managers were more wary, with Tunisia seen as the trigger for an over-due correction after an off-budget stimulus plan helped Egypt benchmark's rise 15 percent in 2010.

"We did not have a significant exposure to Egypt. Valuations were not cheap anyway," said Fadi Al Said, portfolio manager for ING Investment's $95 million Middle East North Africa (MENA) fund in Dubai.

MUBARAK

Following disputed parliamentary elections in late 2010, Egypt will hold a presidential vote this year. Incumbent Mubarak, 81, has not yet stated whether he will stand again, adding to investor uncertainty.

"The Egypt market will be volatile this year, but recent political turmoil has not changed fundamentals and a lot of Egypt stocks are becoming more attractively priced," said EFG's Kitchen. "The presidential election was a factor before the Tunisia troubles and we expect it to periodically affect the market."

Political unrest has also hurt the Egyptian pound. On Jan. 17, the first European business day after the Tunisian president fled, the currency weakened to its lowest level against the dollar in near six years, and traders said the currency will continue to decline during the coming week.

"It depends a lot on what the central bank will do to counter the outflow that will come, if they will sell dollars to the market," said a currency trader based outside of Egypt.

Egypt's central bank regularly intervenes through a small number of banks to keep the pound steady against the dollar, but allows the currency to track longer-term changes in demand.

(Additional reporting by Patrick Werr in Cairo and Dinesh Nair in Dubai; Editing by )

Thomson Reuters 2011 All rights reserved

i don't disagree with you aldo .... i was wrongly trying to apply logic ..... i'm sure that, like you, i'll buy back in if sp drops far enough

Very useful discussion/info guys. Almost fully invested atm but current sp is tempting....

en passant while we're talking M/Eish ..... prospects in dubai for next couple of years are indeed grim ..... i haven't seen a single active construction site and even the hotels are empty .... needless to say, loads of commercial property empty as well as swathes of apts. to let as so many ex-pats have packed their bags and gone

I know what en passant means , as it passes . Only because i use to play a lot of chess

Or even 'in passing'.

The graph is very distinctive......both sides matching so......support at this present level as long as gold holds up......?.

If it dip's to below150 there will be stop loses kicking in followed by bargain hunters.

.

Bought some now at 147.7p... seems to be oversold.

looked at a longer term chart and 140 looks a safer entry point, but that may be a bit greedy

Well, there could be a bounce back as CEY is just down due to a couple of wagheads who burn themselves...LOL.

indeed, but not desperate to buy anything at the moment

Well, some good news below...



Individuals from Zine El Abidine Ben Ali's clan had been detained in the past few days as they tried to leave the country, according to the reports.

Footage of watches, jewellery and international credit cards seized during raids on the family members' properties has been shown.

Meanwhile, officials have launched a probe into whether the former president and his family had plundered the country's resources.

Swiss officials say members of the Tunisian government have put about $620m into Swiss banks, according to a report by the Associated Press news agency.

And the anti-corruption group Transparency International France has filed a legal case alleging corruption by Mr Ben Ali and his wife Leila Trabelsi.

Mr Ben Ali, who led the country for 23 years, fled last Friday following days of mass protests.

Protests have continued today outside the headquarters of the ruling RCD party.

An interim government has been installed and all ministers who belonged to the former president's RCD party have quit the feared organisation.

The prime minister and president left the party this week and the new government says it has freed the last of political prisoners.

Ministers hope the move will bring an end to days of street protests in the capital Tunis, and restore credibility to the government.