Philippine Stock Movers: Aboitiz Power, Phoenix Petroleum
Shares of the following companies had 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 1 percent to 4,319.51. The measure gained 1.1 percent this week, its sixth consecutive weekly advance.
Aboitiz Equity Ventures Inc. (AEV) , which has investments in power plants and retailers, increased 0.5 percent to 39.65 pesos, rebounding from a 6.1 percent drop yesterday, helped by speculation the company will report higher first- quarter earnings next week. Aboitiz Power Corp. (AP) , Aboitiz Equity’s energy unit, climbed 1.8 percent to 31.55 pesos, the sharpest gain since April 4.
“The stock’s sharp loss yesterday was overdone considering Aboitiz Equity remains a good earnings play and its aggressive expansion in the energy sector,” said Astro del Castillo, managing director at First Grade Holdings Inc. in Manila.
Phoenix Petroleum Philippines Inc. (PNX) , a retailer of petroleum products, surged 6.6 percent to 14.50 pesos, a record close. The stock gained 17 percent this week after the company said on April 25 that first-quarter sales more than doubled from a year earlier.
“The market is pricing in the high growth performance of the company,” said Peter Lee, senior investment officer at Manila-based IGC Securities Inc. President Dennis Uy was out of the office and couldn’t be reached for comment, his assistant said.
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