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Dow Jones – 18 Apr 2013
0908 GMT [Dow Jones] Eurasian Natural Resources (ENRC.LN) slides 6.1% to 225.3p. Traders note an article in the Financial Times regarding a possible Serious Fraud Office Investigation. Mike van Dulken at Accendo says the shares have been hindered since early 2011 by corporate governance issues and declining commodity prices. “News of a potential criminal investigation just goes to make matters worse,” he says. Notes shares are almost 80% lower since early 2011m and says downside is still possible to all-time lows of 180p. Both ENRC and SFO were not immediately available for comment. Meanwhile, Numis notes that Congo is banning copper and cobalt concentrate exports. Says it’s a mild negative for Glencore (GLEN.LN) but ENRC could be hit harder as a larger percentage of revenue comes from the country. ([email protected] Twitter: @ATryphonides)
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