Ence tracks best day ever as Supreme Court upholds Pontevedra pulp mill ruling

ENCE Energia y Celulosa SA

07/02/2023 15:11

(Adds analyst comment, updates share move and milestones)
    ** Shares in pulp and renewable energy producer Ence
 ENC.MC  jump 29%, on track for their best day ever if gains
hold, after the Spanish Supreme Court upheld the legality of
Pontevedra concession extension
    ** Jefferies estimates the positive ruling could be worth
160-200 mln euros ($170.9-213.6 mln), implying 18-25% upside to
the shares prior to the ruling
    ** About 6.4 million shares of the company had been traded
as of 1502 GMT on Tuesday, about 790% of their 30-day moving
average full-day volume
    ** Including Tuesday's rise, the shares have gained around
40% YTD
($1 = 0.9364 euros)
 (Reporting by Matteo Allievi and Tiago Brandao)
 ((matteo.allievi@thomsonreuters.com;))