Shares in Egyptian gold producer Centamin plc surged on the London Stock Exchange, rising 14% following the ousting of Egypt’s former president Mohamed Morsi by the army.

Analyst said domestic political considerations in Egypt have been the main restraining factor for the stock price. The coup is viewed positively for Centamin, they said.

Shares traded at £0.355/share (US$0.53/share)  on July 4, up from its close of £0.312/share a day earlier –the biggest intra-day move since May 15, according to Bloomberg.

Centamin’s shares have fallen 52% in the past year following legal disputes over its Egyptian Sukari gold mine.

The company launched an appeal last year against a court ruling questioning its right to operate Sukari.

It expected a hearing to take place on September 24 after it was previously delayed from June 20.