China Stocks: Jiangsu Baoli, Zhejiang Jinggong, Zijin Mining
Stock Chart for Jiangsu Baoli Asphalt Co Ltd (300135)
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 7.12, or 0.3 percent, to 2,862.63. The CSI 300 Index gained 0.4 percent to 3,174.74.
Gold producers: Zijin Mining Group Co. (601899 CH), China’s largest gold producer, jumped 9 percent to 8.51 yuan, the biggest gain since Oct. 12. Zhongjin Gold Corp. (600489 CH), the second largest, rose 4.8 percent to 38.60 yuan.
Gold futures for April delivery rose $12.50, or 0.9 percent, to settle at $1,401.10 in New York yesterday, as demand for bullion as a safe haven increased amid unrest in the Middle East. The metal reached a record of $1,432.50 on Dec. 7.
Hangzhou Songcheng Tourism Development Co. (300144 CH), a theme park operator, gained 3.6 percent to 50.48 yuan. Goldman Sachs Group Inc. initiated its coverage of the stock with a “buy” rating, citing the company’s valuations.
Jiangsu Baoli Asphalt Co. (300135 CH), a producer of asphalt, gained 1.6 percent to 48.24 yuan. The company had its stock initiated at “buy” at Citic Securities Co. which said toll-road maintenance will boost demand for the company’s products. The brokerage set a share-price estimate of 66 yuan, analysts led by Yang Tao wrote in a report today.
Nanning Department Store Co. (600712 CH), an operator of department stores, rose 1.9 percent to 10.17 yuan after saying net income for 2010 surged 240 percent from a year earlier to 97.6 million yuan ($14.8 million).
Risen Energy Co. (300118 CH), a manufacturer of solar panels, advanced 3.3 percent to 75.20 yuan. Net income in 2010 jumped 137 percent from a year earlier to 275.1 million yuan, the company said in a statement last night. Risen plans to offer 10 bonus shares and 5 yuan in dividends for every 10 shares held, according to the statement.
Zhejiang Jinggong Science & Technology Co. (002006 CH), a machinery maker, advanced 2.7 percent to 57 yuan, a record high, after saying it plans to raise up to 464.5 million yuan in a private placement.
--Zhang Shidong. Editor: Allen Wan
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