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.

Egypt unrest: Police clash with protesters in Cairo



Police have clashed with thousands of protesters demanding the resignation of President Hosni Mubarak in the Egyptian capital, Cairo, after Friday prayers.

The police fired tear gas and used water cannons to disperse the crowds, who responded by throwing stones.

People also took to the streets in the coastal cities of Suez and Alexandria.

The government has said it is open to dialogue, but also warned of "decisive measures". There has been disruption to internet and mobile phone services.

Am happy to stay out of CEY for the moment. Looks like the military will be in charge for a while when Mubarak and his entourage go. Will be interesting to see if they allow democratic elections to be held and also if they can, or want, to keep out the Muslim Brotherhood. Jordan, Algeria, Syria, Yemen and Morocco are all candidates to suffer the same fate on the back of all this unrest, so it would seem that these troubles are due to continue for a while.

So what's the CEY price going to be tomorrow ? i say 128p

my buy at 168 was lookin sooo good..........if it's going to happen it'll happen to me.,.

just sit old sport .... sp may opr may not be down tomorrow but sooner or later the disturbances in egypt will come to an end and CEY may (should?) then recover on the back of its own merits

will do, hope northsea to come good very soon and even rkh might surprise.,.

Damn.....pulling back....will have to sit it out....looking like a great bargain at these prices....

RF - concur with all sentiments ..... trouble with "looking cheap" is that often that can turn into "cheaper still" and so refuse to be suckered in further ..... instinct is that this is now near the bottom (though bottom could be 120 or even 110), but need someone like PTH to work out whether there is any logic to my thought

Surely this has to do with political uncertainty, not support and resistance levels on a chart? Until the egyptian problem is sorted and the Suez canal is secure for marine traffic, I would expect the CEY sp to keep dropping. The egyptian stock market also seems to be in a bit of turmoil, even though most of the country appears peaceful, so it's crazy to be trying to catch a falling knife, imo.

indeed, but given that there is a bottom (and a top) to any share movement, sooner or later the sp will be deemed to have (over)accounted for the current problems and buyers will emerge .... at the moment, "fear" still rules

cynic you are assuming the political uncertainty will not worsten, if the civil disorder and violence increases then the military will have no alternative but to act, so it seems calling the bottom for CEY is somewhat premature.

I suspect interim figures tomorrow will get lost in the ether, unless they are hugely above expectations.

Off topic chaps.....2 stocks to look at....ABH (micro minnow)....and PPC(used to be Meridian Petroleum).....might have hit the bottom for both...

Starting to rise....I have to say that I would love to visit Egypt one day....Cairo museum,...pyramids and such....probably in winter or early spring....

Cheap deals going atm. Flight might be tricky. Watch out for moody camels!

RF

Beware of the Pyramid selling schemes

stupid boy Aldo!

Broker note from Citigroup:
"Egypt If there is quick, positive political change in Egypt that removes chaos from the streets, then we think a gold share like Centamin (CEY) is going to be a prime beneficiary. If there is ongoing serious instability, then the gold price itself and gold shares like Petropavlovsk (POG) are likely to be prime beneficiaries, in our opinion. After all, given the political challenges that Randgold (RRS) and CEY have faced, POGs political environment seems like a haven of calm.
Buy a basket, rather than one share In the UK gold space it is likely that diversification across a combination of gold stocks would serve best in the current political environment. We would favour POG followed by RRS and CEY, but would note RRS and CEY have substantial upside potential should political risks decline.
The lack of organic growth at ABG has dimmed our enthusiasm on the stock but Tanzania now looks relatively stable compared to the Ivory Coast and Egypt. We rate RRS, CEY & POG as Buy/Medium Risk (1M) and ABG as Hold/Medium Risk.

In answer to your question Ricardo, I drew a support line at 126p towards the end of last week, reflecting the last time the SP was at this level (and on some other occasions previously). The SP has bounced off this level three times in the last three trading days. So I guess that's support for now, no doubt I'll be accused of hindsight, but I rarely bother to post charts these days.

thats most unfortunate for all of us pth,i like your charts and comments.
perhaps you might bother a little more often in future? i for one would appreciate it.
thanks
regards
jkd