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Portugal's Mota rises on 2.6 bln euro Cameroon contract win
June 6, 2014 / 9:06 AM / in 3 years

Portugal's Mota rises on 2.6 bln euro Cameroon contract win

LISBON, June 6 (Reuters) - Shares in Portugal’s largest builder, Mota-Engil, surged on Friday after the company said it had won a contract worth 2.6 billion euros ($3.54 billion) in Cameroon.

Mota shares were were 7.78 percent higher at 5.820 euros by 0840 GMT after rising to 5.869 euros earlier in the session. The Lisbon PSI20 index was 1.03 percent hither.

The company said early Friday it had won the 2.6 billion euro contract to construct railway lines and a deep water port terminal in Cameroon.

“The size of this contract was unexpected ... and should have a significant impact, possibly more than 50 percent, in Mota’s order book,” Paulo Rosa, trader at GoBulling in Porto, said. “This should have a repercussion on the company’s results and its share price.”

Mota reported last month that it had a order book worth 3.9 billion euros at the end of the first quarter. ($1 = 0.7345 Euros) (Reporting By Filipa Cunha Lima, writing by Axel Bugge. Editing by Jane Merriman)

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