Philippines Stocks: JG Summit Holdings, Philex Mining, Splash
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:23 a.m. in Manila.
The Philippine Stock Exchange Index fell 14.62 points, or 0.3 percent, to 4,275.52.
JG Summit Holdings Inc. (JGS) fell 1.6 percent to 24 pesos after its unit Universal Robina Corp. (URC) said net income in the first nine months of the fiscal year 2011 fell 24 percent to 4.9 billion pesos ($116 million) after “cost commodity inflation impacted profitability.”
Philex Mining Corp. (PX) , the largest Philippine metals producer, climbed 1.9 percent to 27.60 pesos, set for the highest close based on prices going back to January 1990. The company expects to exceed its 4 billion peso core profit target this year because of a rise in gold prices, Chairman Manuel Pangilinan said.
Splash Corp. (SPH) , a maker of whitening soap and personal care products, gained 4.3 percent to 2.21 pesos, heading for the sharpest gain since May 2. The shares resumed trading today after being suspended since Aug. 5 following the company’s announcement that it will buy 80 percent of Barrio Fiesta Manufacturing Corp. for 472 million pesos.
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