Energean Shares Drop Over Concerns of Middle East Escalation

Monday, October 9, 2023

Shares in European-listed companies with major business exposure to Israel fell on Monday on concerns over the potential for their operations there to be affected by a possible escalation of the conflict in the Middle East.

Energean fell as much as 16.8% in London, making the UK and Israel-listed oil producer focused on the Eastern Mediterranean the top loser on the region-wide STOXX Europe 600 benchmark index. 

Energean said the northern area of Israel, where its operations are based, was currently not under attack and that production, supply, and offshore work were ongoing.

"We are and will continue monitoring the events closely and are prepared to manage any scenario and will update as and when necessary," the company said in an emailed statement. 

London-listed shares in BATM Advanced fell 8.5% even as the Israel-based technology firm said it did not expect the recent developments to have a material impact on trading. 

Israel-based antennas maker MTI Wireless also fell in London. They were last down more than 11%.

In India, shares of billionaire Gautam Adani's Adani Ports and Economic Zone, which owns the shipping container and tourist cruise Haifa Port in Northern Israel, fell as much as 5.2%. Adani Ports said the port was operational.

Israel's troops were still battling on Monday to clear out Hamas gunmen more than two days after they burst across the fence from Gaza on a deadly rampage, and the army said it would soon go on the offensive after the biggest mobilization in Israeli history.

Fighting raged at several locations inside Israel where the fighters were still holed up after killing 700 Israelis and seizing dozens of hostages in a raid that shattered Israel's reputation of invincibility. 

 (Reuters - Reporting by Danilo Masoni; Editing by Amanda Cooper and Deborah Kyvrikosaios)

Categories: Middle East Geoscience Industry News Activity Asia

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