The Egyptian gold-miner Centamin was in demand after reiterating full-year gold production estimates and reporting encouraging results from Burkina Faso, Ethiopia and Côte d’Ivoire.
At the same time, the exploration and mining group whose principal asset is the Sukari gold mine in Egypt, reported a 32 per cent rise in first-quarter revenues to $135.2m (£84m) despite a 6 per cent drop in the price of gold during that time. “These are good numbers for Centamin,” said SP Angel. Analysts point out that production growth is bringing down costs and as the company has no debt, there is potential for strong cash flow generation. Shares in Centamin gained 3.45p to 65.9p.
The FTSE 100 was in positive territory despite the Bank of England’s cut to growth forecasts for the year, ending 15.8 points higher at 6,949.6.
Blue chips stocks were led by gains in South African paper and packaging group Mondi, up 116p at 1,414p, after first-quarter results were bolstered by higher selling prices in South Africa and Russia as well as the strengthening of the dollar against the euro. Following the results, analysts at UBS hiked EPS estimates by 5 per cent for this year, while Jefferies raised pre-tax profit and earnings forecasts by 7 per cent.
Irish cider maker C&C Group, best known for its Magners and Bulmers brands, bubbled up after reporting in-line annual numbers and boosting the dividend 15 per cent. The hike reflects the strongly cash generative nature of the business, said Investec analysts, who rate the stock a “buy”. The shares gained 10 cents to €3.59.
Air Partner added 29.75p to 399.75p after announcing it plans to buy Cabot Aviation, which brokers sale or lease agreements between airlines and aircraft owners such as banks and insolvency practitioners, for up to £1.2m. Air Partner, which provides private planes to industry, government and high net worth individuals, was rated a “buy” with a 480p price target by Liberum: ”We see this deal adding to Air Partner’s capabilities in an activity closely related to its core business of air charter broking.”Reuse content