Europe's Gabon-exposed stocks slide after military coup

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSMILAN - Shares in European oil producers, miners and other companies with large exposures to Gabon plummeted on Wednesday after a military coup raised concerns over their operations in the resource-rich African country.

Military officers in Gabon said they had seized power on Wednesday and put President Ali Bongo under house arrest, stepping in minutes after the state's election body announced he had won a third term. Timber company Woodbois also said production at its facilities in the Gabonese city of Mouila were suspended, sending its London-listed shares almost 16% lower.

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Europe's Gabon-exposed stocks slide after military coupShares in European oil producers, miners and other companies with large exposures to Gabon plummeted on Wednesday after a military coup raised concerns over their operations in the resource-rich African country. London-listed oil producer Tullow Oil fell as much as 12% in afternoon trading, while French energy companies TotalEnergies Gabon and Maurel et Prom and miner Eramet all dropped by more than 20% at one point. 'Shares are reacting to concerns over the backdrop in Gabon,' said Investec equity analyst Alex Smith in London.
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