Philippines Stocks: Atlas Consolidated, San Miguel, Semirara
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 1.5 percent to 4,403.54.
Atlas Consolidated Mining & Development (AT) Corp advanced 1 percent to 20.15 pesos, gaining for the first time this week. The company said it may expand copper production in stages so that it will have enough cash to pay dividends by end-2012.
PAL Holdings Inc. (PAL) declined 1.5 percent to 6.40 pesos, snapping a six-day, 23 percent rally. Philippine Airlines Inc., the nation’s largest carrier and a unit of PAL, reported a $10.6 million loss in three months ended June 30.
San Miguel Corp. (SMC) , the nation’s largest food and drinks company, climbed 2.4 percent to 128 pesos, the highest close since Aug. 4. The company plans to buy Exxon Mobil Corp. (XOM)’s entire 65 percent stake in Esso Malaysia Bhd. (ESSO) for $206 million, a stock-exchange filing showed. San Miguel also plans to buy all of Exxonmobil Malaysia Bhd. and Exxonmobil Borneo Bhd. for about $404 million, it said in the filing.
Semirara Mining Corp. (SCC) , the nation’s biggest coal producer, gained 1.6 percent to 213.40 pesos, advancing for the first time in a week. The company will borrow 14 billion pesos ($329 million) from banks to fund the construction of a power plant, a stock-exchange filing showed.
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