The Philippine Stock Exchange Index (PCOMP) rose 0.4 percent to 5,117.46, the highest close since March 19.
Builders: Ayala Land Inc. (ALI) , the nation’s largest developer, rose 1.4 percent to 21.10 pesos, the highest close since March 23, after the central bank said funds sent home by overseas Filipinos grew at a faster pace, boosting the outlook for consumer spending on homes and cars. Robinsons Land Corp. (RLC) added 3 percent to 17.28 pesos, its highest since November 2007. Remittances from Filipinos grew 5.8 percent in February from a year earlier, accelerating from a 5.4 percent expansion in January, the central bank said in a statement.
Atlas Consolidated Mining & Development Corp. (AT) , a copper producer, declined 2.5 percent to 18.44 pesos, the sharpest loss since Feb. 21. Copper for delivery in three months sank as much as 1.3 percent to $7,88.25 a metric ton on the London Metal Exchange, the lowest since January, extending a 2.8 percent slump on April 13.
GMA Network Inc. (GMA7) (GMA7 PM) jumped 7.7 percent to 9.10 pesos, the most since Feb. 13. Philippine Long Distance Telephone Co. (TEL) Chairman Manuel Pangilinan offered as much as 45 billion pesos ($1.05 billion) for GMA Network, the Philippine Star reported on April 14, citing people it didn’t name. GMA’s owners are asking for 55 billion pesos, the newspaper said. Philippine Long Distance (TEL PM) lost 1.2 percent to 2,574 pesos, the lowest since Jan. 2. GMA President Gilberto Duavit said there is no “serious” negotiation with the Philippine Long Distance group and the network may be sold depending on the offer price. Pangilinan wasn’t available for comment.
Manila Water Co. (MWC) , which supplies half of the Philippine capital, increased 1.3 percent to 24.30 pesos, the highest close since the stock began trading in March 2005. The utility expects to complete its asset acquisitions this year, Chairman Fernando Zobel de Ayala said. The utility separately said it will pay 29.8 centavos a share in dividends. Ayala Corp. (AC) , parent of Manila Water, rose 2.1 percent to 434 pesos.
2GO Group Inc. (2GO) (2G0 PM), the largest Philippine shipping line operator, sank 3.9 percent to 2.44 pesos, the biggest drop since April 11. Talks with China Ocean Shipping (Group) Co., also known as Cosco, are “informal,” 2GO said in a statement to the stock exchange, following a report by Malaya Business Insight that the two companies are discussing a possible alliance.
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