Philippines Stocks: Aboitiz Equity, Manila Mining, Philex Mining
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 slid 0.3 percent to 4,465.87.
Gold producers: Manila Mining Co.’s Class B shares (MAB PM), which have no ownership restrictions, gained 1.6 percent to 6.2 centavos, the highest close since August 1995, after the price of the precious metal advanced to an all-time high. Philex Mining Corp. (PX) , the nation’s biggest metals producer, advanced 1 percent to 24.35 pesos, snapping a four-day slump.
Gold for immediate delivery climbed to a record $1,624.07 an ounce yesterday. It traded at $1,614.78 an ounce today.
Aboitiz Equity Ventures Inc. (AEV) sank 2.5 percent to 40.95 pesos, the sharpest loss since June 6, on speculation its energy sales may have dropped after Manila Electric Co. (MER), the largest power distributor, said sales fell 1 percent in the first half. Aboitiz Equity got 75 percent of first-quarter revenue from power sales. Aboitiz Power Corp. (AP) , the company’s energy unit, sank 1.5 percent to 32.10 pesos, ending a two-day rally.
“Investors are anticipating that the Aboitiz companies weren’t spared by the weak energy demand experienced by Manila Electric,” said Astro del Castillo, managing director at First Grade Holdings Inc. in Manila.
Aboitiz Equity President Erramon Aboitiz couldn’t be reached for comment at his office. The company will hold a briefing on July 29 to discuss its second-quarter result.
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