Philippine Stocks: Benguet, JG Summit Holdings, Phinma Corp.
Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 0.3 percent to 3,854.14, its third day of gains.
Benguet Corp. (BC)’s Class A shares (BC PM), equity reserved for Filipinos in the metals producer, jumped 11 percent to 13 pesos, the sharpest advance since Jan. 4. The company said it had 2.3 billion pesos ($53 million) of net income in the first 10 months of 2010, without giving comparative figures. Benguet also said development of its gold and nickel projects is under way and will contribute to profitability.
JG Summit Holdings Inc. (JGS) , owner of the nation’s biggest budget carrier, increased 5.8 percent to 22 pesos, the highest since Dec. 14, on speculation the company will increase dividend payments after its profit surged 91 percent in 2010.
“Given the strong improvement in earnings, there seems to be a strong basis for speculation it will raise dividend payments this year,” said Jonathan Ravelas, strategist at Manila-based Banco de Oro Unibank Inc. JG Summit increased dividend payments to 5 centavos a share last year from 3 centavos in 2009. Senior Vice President Bach Johann Sebastian couldn’t be reached on his mobile phone for comment.
Phinma Corp. (PHN) , which has investments in real estate, schools and energy, jumped 10 percent to 13 pesos, the steepest gain since Sept. 29. The company’s board approved the sale of its 26.5 percent stake in AB Capital & Investment Corp. for 96.7 million pesos, a stock exchange filing showed.
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