GMG: -8% at $0.275. We mentioned previously that there was unrest in the Ivory Coast following the political standoff after the recent elections. The uncertainty has escalated and the UN notes the country is on the brink of civil war.
GMG has 1600ha of plantations, 36k tpa of processing facilities over there. The group has 41.6k plantations, 141k tpa capacity in total.
Ivory Coast accounted for 29% of total revenue, 20% of operating profit in FY09.
Technical outlook for the stock has turned decidedly bearish with today's fall breaching the $0.295 support line & represents a pullback from a triple top formation at $0.335 set in Oct, Nov & Dec. Downside support lies at $0.25.
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